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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