Indonesia based investment company PT Kresna Graha Investama Tbk (KREN), has ventured into travel e-commerce platform & payment aggregator business with its subsidiary acquiring a 30 per cent stake of PT Indo Corpora Investama (ICI), which owns Paditrain, Padiciti and Padipay.
The deal amount was not disclosed by the company.
ICI is a pioneer in train tickets booking services (through smartphones) and the second largest company in terms of train tickets online sales. It is also one of the five major revenue contributors for PT Kereta Api Indonesia.
ICI also provides online airline tickets booking through its platform Padiciti and has developed a payment platform aggregator named Padipay.
KREN believes that the improvement of the infrastructure, public transport and changing patterns Indonesian government’s commitment to the tourism sector will bring a positive impact to the business prospects of ICI.
“We also believe that joining ICI and KREN will give tremendous synergies for ICI, not only in terms of access to capital but also access to the B2B market,” Kresna’s president director Michael Steven said in a statement released on Friday.
Last year, the company had invested in equity round of funding of its unit PT Kresna Usaha Kreatif and PT Kresna Securities with Rp 50 billion invested in each. Kresna Usaha Kreatif is in the process of acquiring Singapore-based DominoPos Pte Ltd, a software development firm in the mobile payment & CRM domain and MDAQ Pte Ltd, a financial technology firm.
Steven said, MDAQ technology would allow foreign investors who want to invest in Indonesia’s capital market to directly buy shares in a different currency.
Kresna Usaha Kreatif, which engages in digital-based creative business, including managing the group’s e-commerce business is preparing to launch an IPO this year.
Steven said, the group has mandated Kresna Securities to prepare initial public offering (IPO) of two subsidiaries Kresna Usaha Kreatif and PT Kresna Life Insurance & Pension Fund. The company is mulling a plan to offer 20 per cent to 30 per cent shares to the public through IPO.