Emtek Group, one of Indonesia’s largest media conglomerates and among the most active startup investors, is said to have made a minority investment in ride-hailing app Grab Inc even as it injected Rp 344 billion ($25.8 million) into “several VC firms” during the first half of 2017.
This was listed under “long-term investments” in a quarterly financial statement released by Emtek recently. Emtek’s investment exposure into into VCs increased marginally when compared to the first half of last year at Rp 325 billion.
Emtek has been regarded as a prolific investor having injected funds both directly and indirectly into smaller firms and tech startups – including Kudo, which was acquired by Grab Indonesia for $100 million.
According to the statement, Emtek, through its subsidiary KMK, invested in Grab Inc in April 2017, acquiring a total of 1.68 billion shares for 0.003 per cent share ownership.
It confirmed that it had sold 25 per cent stakes in Kudo.
Emtek also invested in Ice House Holdings Pte Ltd, a mobile game and app development company, acquiring 2.85 billion shares or representing 18.47 per cent shares.
Emtek has invested in a number of startups since 2015 notably Rumah.com, Rumahdijual.com, Bola.com, Karir.com, Hijup.com, Kudo, Bobobobo.com, and Bukalapak.com.
Just two months ago, Emtek confirmed the acquisitions of two e-money providers – DOKU and Espay – again in its quarterly financial report. In the report, Emtek said that it acquired 50 per cent of Nusa Inti Artha, DOKU’s parent company.
DOKU is one of Indonesia’s first payment gateway platforms while Espay owns the product uNIK. Both platforms own the much coveted e-money licence, which is released by the Bank Indonesia in a regulated manner.
Emtek is in the process of partnering Alibaba Group’s financial arm, Ant Financial, to form a payment platform within Blackberry’s messaging (BBM) service, which has about 63 million users in Indonesia. But there hasn’t been further details on what the partnership is going to look like.