1. Startups

Privy Pockets Series C Funding of 744 Billion Rupiah Led by KKR

The fresh funds will be used to strengthen its position and expand overseas to accelerate user growth

Digital signature and digital identity service startup Privy announced a series C funding of $48 million or around 744 billion Rupiah led by global investment firm KKR. This round was attended by previous investors, namely MDI Ventures, GGV Capital, and Telkomsel Innovation Partners (TMI), as well as a new investor Singtel Innov8.

Previous, GGV Capital leads the series B round in the Privy with a value of $17,5 million in October 2021.

Privy will use the fresh funds to strengthen its position as a digital signature and digital identity provider in Indonesia, accelerate digital transformation, and support the development of consumer products so that the public and businesses can access a wider range of services securely. In addition, the company also plans to expand overseas to accelerate growth with the support of its network of investors.

In his official statement, Privy's Co-founder and CEO Marshall Pribadi said he was pleased to welcome KKR as one of the new investors in Privy. The support of KKR and previous investors is a testament to the progress that has been made so far and belief in Privy's long-term vision to build trust and drive the potential for digital transformation in Indonesia.

"With KKR's support and global experience, combined with the support of investors MDI Ventures, GGV Capital and TMI who have played a key role in helping us achieve our success so far, Privy is well positioned to innovate further with stronger offerings and capabilities, and build a strong foundation for overseas expansion," said Marshall.

Meanwhile, Partner and Head of Growth Equity Asia Pacific KKR Mukul Chawla said, "Privy has established itself as a pioneer in Indonesia's digital trust space with strong ambitions. We are excited about Privy's growth potential and opportunities to advance Indonesia's digital transformation and prosperity."

KKR's Southeast Asia Growth Technology Lead Louis Casey added, "Privy has built an industry-leading platform that combines key features, a user-friendly design, and a secure and robust infrastructure. We want to leverage KKR's global network and operational expertise to bring the Privy to life. to the next level of growth and expand its leadership in digital trust for individuals and companies in Indonesia and beyond."

The investment in Privy is part of KKR's "Asia Next Generation Technology" strategy. Privy is KKR's newest investment portfolio in the category for mobile devices to report the in Southeast Asia, adding to its portfolio line in the region after the Philippines' B2B e-commerce platform GrowSari and Vietnamese SME merchant platform KiotViet.

In the Asia Pacific region, KKR is also expanding its portfolio, including Education Perfect (New Zealand), dataX (Japan), NetStars (Japan), and Livspace (India and Singapore).

Accelerating digital transformation

Marshall continued, this latest investment is based on the strong commitment of the Indonesian government to accelerate digital transformation in four strategic sectors, namely digital infrastructure, digital governance, digital economy, and digital citizenship that contribute to the development of digital communities in Southeast Asia.

Meanwhile, Indonesia's digital economy is projected to reach $146 billion by 2025, and become the largest in Southeast Asia with a value of more than $300 billion by 2030.

According to a Statista report, the global digital identity solutions market is projected to grow from $23,3 billion in 2020 to $49,5 billion in 2026. The rapid growth of this market is driven by increasing cases of identity fraud, data breaches, and new government regulations.

Founded in 2016, Privy offers a wide range of services including digital identity, digital signature, digital verification, and document management products and services across a wide range of sectors including financial services, healthcare and education.

In its development in 2018, Privy became the first non-governmental institution to obtain a license as a Certificate Authority (CA) from the Indonesian Ministry of Communication and Information Technology. A year later, it became the first e-KYC service provider registered with OJK.

Currently, 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, and processes more than 40 million digital signatures per year.

Apart from Privy, currently there are startups with similar services, such as TekenAja, Verihub, and Life.

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