TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
KKR strengthens place in Southeast Asia, leads Series C Round for Indonesian-based Privy
Leading global investment firm KKR and digital trust provider Privy announced the signing of definitive agreements.
Change Size
L
eading global investment firm KKR and digital trust provider Privy announced the signing of definitive agreements. The document outlines the participation of KKR as lead investor in the US$48 million Series C funding round of Privy, with participation from existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (TMI) and new investors including Singtel Innov8.
“We are thrilled to welcome KKR among our new investors. Their participation in this latest fundraiser, alongside the continued support by our existing investors, is testament to the progress we have made over the course of Privy’s journey and the conviction in our long-term vision of building digital trust through our platform and the potential of Indonesia’s digital transformation,” said Marshall Pribadi, CEO and cofounder of Privy.
The agreement will further cement Privy’s standing as Indonesia's leading digital signature and digital identity provider, expanding its customer base to enable locals to access a wider range of services securely and accelerate broader digital transformation.
Indonesia’s digital economy is projected to reach $146 billion by 2025 and the country is set to become Southeast Asia’s largest digital economy valued at more than $300 billion by 2030. As Indonesia moves forward with its transformation, Privy is committed to helping the country build a larger digital network through four strategic sectors: digital infrastructure, digital governance, digital economy and digital citizenship. Indonesia’s potential makes the country a strategic place for KKR to expand its operations in the region.
“Privy has established itself as a pioneer in Indonesia’s digital trust space with strong ambitions. We are excited about the company’s growth potential and the opportunity to advance Indonesia’s digital transformation and prosperity,” said Mukul Chawla, partner and head of growth equity in Asia Pacific for KKR.
Today, Privy is the market leader with more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification and subscription products, processing more than 40 million digital signatures per year. Founded in 2016, it became the first non-government institution to be licensed as a Certificate Authority (CA) by Indonesia’s Communications and Information Ministry in 2018 and was named the first electronic know your customer (KYC) service provider to be registered under Indonesia’s Financial Services Authority the following year.
Meanwhile, KKR is moving its investment to Southeast Asia, previously investing in GrowSari, a business-to-business e-commerce platform serving small and medium-sized enterprises (SMEs) in the Philippines and KiotViet, a merchant platform for SMEs in Vietnam. Prior to investing in Southeast Asia, the company also had a hand in the broader Asia Pacific region; participating in Education Perfect, an education software platform in New Zealand; dataX (formerly From Scratch), an internet software and services company in Japan; NetStars, the operator of Japan’s largest QR code payment gateway; and Livspace, a direct-to-consumer home renovation platform with a presence in India and Singapore.
“Privy has built an industry-leading platform that combines prime features, a user-friendly design and a secure and robust infrastructure. We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond,” concluded Louis Casey, KKR’s growth technology lead in Southeast Asia.
