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Big business 'rush' to invest in more start-ups to boost growth
Private conglomerates and state-owned enterprises are investing more in start-ups for growth and transformation.
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A PinjamDuit employee checks the a customer's ID card at its Gading Serpong office in Tangerang, Banten. The peer-to-peer lending start-up was one of the 127 financial technology (fintech) companies that registered with the Financial Services Authority (OJK) in August 2019. (The Jakarta Post/R. Berto Wedhatama)
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ajor Indonesian companies are actively seeking to invest in start-ups to boost innovation and to ensure the steady growth of their businesses.
For example, publicly listed PT Astra International plans to invest in more tech start-ups over the next few years through its corporate venture capital (CVC) firm, PT Astra Digital Internasional.
Astra International corporate strategy manager Andi Suwandi said on Nov. 14 that the diversified conglomerate was keen to invest in tech start-ups that could bring synergy to its business lines, such as automotive, financial services and agriculture.
Aside from investing in start-ups like Gojek, he said, Astra Digital had also established its own tech start-ups to develop innovations for the business lines of its parent company.
Astra Digital's self-established start-ups include Seva.id, an online automotive marketplace, and Movic, an online car rental platform.
Although Astra already had a strong portfolio, Suwandi said the company would also look to other start-ups for new opportunities.
“We’re particularly interested in financial technology [fintech] firms that can collaborate with our business,” he said on the sidelines of Nexticorn International Summit 2019 in Jimbaran, Bali on Nov. 14-15
