ID Digest: GoTo seeks nod for share buyback, leadership changes; Reazon backs Jendela

ID Digest: GoTo seeks nod for share buyback, leadership changes; Reazon backs Jendela

Photo courtesy of GoTo.

Indonesian real estate startup Jendela has raised fresh funding while tech giant GoTo Group is seeking board approval for share buyback and leadership changes.

Jendela raises investments from Reazon

Reazon Holdings has invested in Jendela (Vidi Vici Digital Pte. Ltd), a real estate brokerage platform, based in Indonesia, per its announcement.

The funding marks Reazon’s first investment in Indonesia, where it sees significant growth potential. Reazon started investing in Southeast Asia last year.

Jendela’s platform offers vertically integrated brokerage services in Indonesia’s three largest cities. The country lacks a centralized real estate industry database and the absence of licensing requirements for real estate brokers leads to inconsistent service quality. Jendela tackles these issues by providing a service that covers the entire process from property search to closing, delivering substantial value to users, brokerage agents, and property owners alike.

In 2020, the startup raised $1 million in a funding round led by BEENEXT with participation from Prasetia Dwidharma and Everhaus.

Reazon Holdings streamlined its investment activities to set up Reazon Capital earlier this year. In an interview with DealStreetAsia in May, Satoshi Kuriga, the firm’s head of global investment, said that the VC arm invests in seed to Series A rounds, writing cheques of up to $2 million. It is looking at making 8 investments in Southeast Asia this year, of which 6 will be in Vietnam.

GoTo seeks nod for share buyback, change in leadership structure

GoTo has published the agenda for its General Meeting of Shareholders on June 11, 2024, which includes proposals for a previously announced share buyback scheme and changes to the composition of the Board of Commissioners and Board of Directors, according to a company statement.

GoTo will seek shareholder approval for a share buyback scheme amounting to 3.2 trillion rupiah ($200 million). The Board of Directors and Board of Commissioners will periodically review the buyback programme and may make ongoing amendments.

The company has also proposed John A. Prasetio as an Independent Commissioner, replacing Robert Holmes Swan, who will step down at the end of his term.

Additionally, William Tanuwijaya and Melissa Siska Juminto have completed their terms on the Board of Commissioners and Board of Directors, respectively. Andre Soelistyo will also resign from the Board of Commissioners to pursue other interests, having served as a Commissioner over the past year.

In addition, GoTo will seek approval from its independent shareholders for GoTo CEO and President Director Patrick Sugito Walujo to become eligible to hold Series B shares so that the company’s existing management is represented among the holders of Series B shares.

The company has no plan to issue any new Series B shares and there would be no dilution to existing shareholders, it said in the statement.

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