Southeast Asian ride-hailing and food delivery giant Grab has led a Series B investment round in the Indonesian digital payments firm LinkAja.
Grab, along with existing investors PT Telekomunikasi Selular (Telkomsel), BRI Ventures, and Mandiri Capital, committed a total of around $100 million in the round, according to a statement on Tuesday.
LinkAja issued 13,632 shares, with a price per share of Rp10 million in the latest round, DealStreetAsia has learnt. Grab will own 5.7 per cent shares in LinkAja.
Upon the completion of the Series B round, Telkomsel remains the biggest shareholder with a total of 25 per cent LinkAja shares. It is followed by Mandiri Capital (16.3 per cent), the investment arm of the Bank Mandiri Tbk; and BRI Ventures (13.2 per cent).
This is LinkAja’s first investment from a private company. Previously, it had secured funds from eight Indonesian state-owned enterprises (SOEs). The fresh proceeds will be utilised to accelerate LinkAja’s growth.
LinkAja started operations in June 2019 through the integration of some state-owned companies. The firm focuses on middle-class consumers and Indonesia’s Small and Medium Enterprises (SMEs). Currently, it has more than 58 million registered users, with more than 80 per cent of them located in second-tier and third-tier cities in Indonesia.
The strategic investment from Grab could help increase financial inclusion for Indonesians.
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