Kejora Ventures and InterVest, through their joint venture InterVest Star SEA Growth Fund I, made an investment in Indonesia-listed tech startup DIVA.
According to an official statement, the investment was through a sales and purchase agreement (SPA) with M Cash Integrasi that sold a portion of its DIVA shares.
Although no financial details were disclosed in the press statement, a spokesperson said it sold “under 10%” of its stake in DIVA to Kejora-Intervest.
Kejora and InterVest have assets under management of more than USD 1 billion combined. They manage strategic assets and portfolios of technology companies in various industries such as fintech, supply chain, e-commerce, and human capital.
In March 2017, Kejora Ventures led a Series A funding round in Indonesian point-of-sale (POS) platform Pawoon which sold 30% of its stake to DIVA earlier this month.
Sebastian Togelang, the founding partner of Kejora Ventures, believes that his firm’s investment in DIVA is a right move, especially since the latter has been showing robust performance and has continued to scale its business into multiple product offerings.
“Although we usually invest in private or pre-IPO stage companies, the potential growth of the company and our investment matters the most,” Togelang told KrASIA.
“As a side note, there are not so many hypergrowth tech start-ups in Southeast Asia that are profitable while still growing rapidly, yet. So, for us, this is actually a safe bet, especially because we see that we can add plenty of value to the company to ensure further growth.”
DIVA is a software solution that targets small and medium-sized enterprises (SMEs), empowering them to sell digital products such as vouchers while accepting different modes of payment.
In October 2018, the company went public, raising IDR 632 billion (USD 43 million) in an oversubscribed IPO round on the IDX.
Before the transaction took place with Kejora Ventures and InterVest, MCash held 12.3 % of DIVA’s shares.
The company’s biggest shareholder is the public (24%), followed by 1 Inti Dot Com who holds 21% of DIVA’s shares. M Cash’s president and director Martin Suharlie has a 14% share while Kresna Karisma Persada holds a 14.1% share, according to IDX data.
DIVA reportedly has posted a net profit of IDR 40.1 billion (USD 2.8 million) in the second quarter of 2019.
