ID Digest: Bank Jago enters used-car financing, Indika Energy raises $7.5m

Customers can open a Bank Jago account from Gojek app. (Photo courtesy of Bank Jago and GoPay)

GoTo-backed Bank Jago is partnering used-car marketplace Carsome Indonesia for automotive financing, while Indika Energy has raised funds from Alpha JWC and Hong Kong-based PE firm Horizon Ventures.

Bank Jago partners Carsome Indonesia for used-car financing

GoTo-backed Bank Jago is partnering used-car marketplace Carsome Indonesia for automotive financing.

Andrew Mawikere, CEO of Carsome Indonesia, said the collaboration will pave the way for the company to expand its services across the archipelago, and also Southeast Asia.

In the first three months of 2022, Bank Jago partnered with more than 32 institutions, including fintech lenders and other digital financial institutions. Sonny Christian Joseph, director at Bank Jago, said the partnership can push up the lender’s loan growth this year. In the first quarter of 2022, its total loans grew 376% year-on-year to 6.14 trillion rupiah ($419 million).

Alpha JWC, Horizon Ventures back Indika Energy’s 2-wheeler unit

IDX-listed Indika Energy has raised $7.5 million from Alpha JWC Ventures and Hong Kong-based PE firm Horizons Ventures. With this investment, Indika, an integrated energy company, has established a new subsidiary called PT Ilectra Motor Group (IMG) to focus on the development of two-wheeler electric vehicles in Indonesia.

On May 19, Alpha JWC Ventures and Horizons Ventures signed a loan agreement worth $7.5 million, which can be converted into a 21.4% stake in IMG, while the rest is owned by Solusi Mobilitas Indonesia (SMI), a new subsidiary of Indika.

Indika will also make an additional investment of $7.5 million, bringing the total investment under this agreement to $15 million, according to Indika Energy’s director Purbaja Pantja.

Indika Energy’s business portfolio includes energy, logistics & infrastructure, minerals, green business, and digital ventures. The company tapped into electric vehicles by forming SMI in March. 

(Khamila Mulia contributed to this story.)

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