Kejora-Intervest fund invests in Indonesia-listed startup DIVA

Kejora-InterVest Star Growth Fund, a joint fund between Indonesian VC Kejora Ventures and South Korean counterpart Intervest, has invested in IDX-listed startup DIVA.

According to an official statement, the deal was carried out through a sales and purchase agreement (SPA) with M Cash Integrasi, which sold some portions of its DIVA shares. Financial terms of the transaction remain undisclosed.

“From our current offerings of digital products, payment enabler, and banking services, we look forward to expanding into financing, logistics, artificial intelligence, Internet of Things (IoT), fulfillment, and supply chain,” said DIVA director Dian Kurniadi, commenting on the funding.

DIVA, which describes itself as a digital business converter and accelerator, aims to modernise small and medium enterprises operating in Indonesia, empowering them with both technology and innovative products.

The company provides a unified multi-payment device called DIVA Smart Outlet (OS) that can process various cash and non-cash payments as “point-of-sale” (POS) and offers digital products, as well as an AI-empowered integrated messaging platform called DIVA IIM, which rides on popular applications such as WhatsApp, LINE, Telegram, and Facebook Messenger.

The company, a subsidiary of Indonesian investment firm Kresna Graha Investama, went public in October last year, raising $43 million in an oversubscribed IPO round on the IDX, in which it offered 400 million new shares.

Fueled by the proceeds from its IPO, DIVA recently acquired a 30% ownership stake in local point-of-sale (POS) startup Pawoon, which counts as a portfolio company of Kejora Ventures.

The investment from the Kejora-Intervest fund makes DIVA the fourth publicly known Indonesian investment from the growth fund, which has previously backed fashion e-commerce Sorabel, financial marketplace startup Cekaja.com and last mile delivery startup SiCepat Ekspres.

The fund, backed by group of prominent LPs such as Korea Development Bank, Korea Venture Investment Corporation, NH Investment & Securities and Industrial Bank of Korea, was closed in May in an oversubscribed fundraise which surpassed the original target of $100 million.