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.
OVO, which was founded in 2017 as a product of Lippo Group’s venture builder, has received investments from SoftBank-backed Grab and e-commerce unicorn Tokopedia, also a SoftBank portfolio company.
