Lippo sold two-thirds OVO stake due to cash burn, says founder Mochtar Riady

Lippo sold two-thirds OVO stake due to cash burn, says founder Mochtar Riady

Early backers of Indonesia's first digital wallet unicorn OVO have left the company as Southeast Asia ride-hailing and fintech takes over.

Indonesia’s real estate major Lippo Group sold about two-thirds stake in payments platform OVO due to the unsustainable cash burn required by the business, the conglomerate’s founder Mochtar Riady said on Thursday.

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