Indonesia: KREN ventures into travel e-commerce biz by acquiring 30% in ICI

Photo by Padipay

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.

Also Read: 

Indonesia’s Kresna to acquire stakes in Singapore-based DominoPos, MDAQ

Indonesia’s Kresna eyes e-commerce firms after business restructuring

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.