Indonesia listed startup Kioson closes post-IPO Narindo acquisition deal

Photo: Kioson's Facebook page

Indonesian publicly-listed O2O startup Kioson has closed the acquisition of Narindo Solusi Komunikasi, an affiliated tech company focusing on e-voucher aggregation.

Kioson was officially listed on the Indonesian Stock Exchange (IDX) last week, after it raised Rp 45 billion ($3.4 million) through IPO.

The purchase agreement was signed on Friday, Kioson said, therefore completing part of the IPO plan it had announced. Kioson now officially controls 99 per cent of Narindo.

“The acquisition is a strategy for infrastructure development in the region through the assets of Narindo. With Narindo’s focus on e-voucher aggregators means Kioson has been keeping the company’s business upstream. We hope this will secure Kioson’s bottom line,” Kioson president director Jasin Halim said, in a statement.

With the acquisition, Kioson targets a revenue growth of 1,900 per cent (yoy), to Rp 500 billion by the end of 2017.

For Narindo, being a part of Kioson will assist the company in the various digital services that it provides.

“This will help us deliver a more promising scale and ultimately help Narindo’s digital service provision,” Narindo CEO Bernard Martian stated.

“We will also encourage the diversification of the services we provide through the digital platform in Kioson. The more varied the services, the easier it will be for people to meet their daily needs,” he added.

By offering services as an Online-to-Offline (O2O) platform, Kioson takes on the role of a bridge between under-served markets and digital services, increasing the number of online shoppers.

Data from the Ministry of Information and Communications of the Republic of Indonesia revealed that the total number of internet users in the country now stands at 93 million, with approximately 8.7 million being active online shoppers.

However, the number of internet users in rural areas is only 17.3 per cent.

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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.