Indonesia Digest: OVO acquires Taralite; Tempo backs Foodizz

Indonesian currency Rupiah on hold by a cashier. Photo: Reuters

In the latest deals in Southeast Asia’s largest market, Lippo’s mobile payment startup OVO has acquired local peer-to-peer lending company Taralite, while media firm Tempo has made an investment in culinary education startup Foodizz.id.

OVO acquires P2P lender Taralite

Mobile payment startup OVO has acquired local peer-to-peer lending company Taralite, according to a report by KrAsia.

The deal was sealed in February, following months of collaboration between the two companies. Taralite had helped OVO launch its new PayLater feature, which offers loans and credits to users on its platform.

It is understood that the move will pave the way for OVO to branch out into the lending business which is seen to be a potential profit-generator for the company.

Taralite, which is one of Indonesia’s first fintech platforms, started out by providing funds for personal use such as weddings but has evolved into a platform that disburses loans to online merchants, with interest rates starting from 0.99 per cent per month.

It last raised a funding round in 2017, securing $6.3 million from Japan’s SBI Holdings.

Media firm Tempo invests in Foodizz

Media firm Tempo has made an unspecified pre-seed investment in culinary education startup Foodizz.id, according to e27.

The fresh capital will be used by Foodizz to improve the service and facilities on its platform.

Foodizz claims to be the first F&B education platform in Indonesia. It aims to provide Indonesia’s food entrepreneurs with access to practical business knowledge through its mobile platform.

For Tempo, the deal follows its investments in Rombak Pola Pikir, which runs an animated education channel on YouTube called Kok Bisa; millennials-targeted travel portal Telusuri.id; and industry news portal Ziliun.com.

Also Read:

Tokopedia said to acquire double-digit stake in payment startup OVO

Japan’s SBI Group invests $6.3m in Indonesian P2P lender Taralite

Indonesia: Tempo Inti Media attracts interest from six strategic investors in $7m rights issue

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.

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.