HR-Tech Venteny Startup Officially IPO, Raises 338 Billion Rupiah Funds

PT Venteny Fortuna International Tbk is official listed the shares on the Indonesia Stock Exchange (IDX) and traded on the Development Board with the stock code VTNY. In this action Venteny offered 939,7 million shares and managed to raise funds of 338,3 billion Rupiah.

Founder and Group CEO Venteny Jun Waide said that this historic moment is a new chapter for the company in building a technology ecosystem to support the acceleration of the MSME business and improve the quality of life of employees.

"We are grateful, even in the midst of a challenging global economic situation, we received extraordinary enthusiasm from investors, users and the public who have taken part in our journey. We believe that Venteny will grow together in Indonesia," he said, Thursday (15/12).

Even though Venteny only entered Indonesia in 2019, after first being established in the Philippines (2015) and expanding to Singapore (2016), the company chose to take the floor in Indonesia because it has a variety of interesting potentials. Be it from a large market scale, it also has the potential for strong national capital market growth with a large number of retail investors.

"Indonesia has a vision and mission to become a developed country and occupy the top five world economies in 2045, this is where technological innovations like Venteny can play a role. We are optimistic that our business can grow with the Indonesian people which will later have an impact on the national economy."

Waide claims that VTNY shares are oversubscribed (oversubscribed) to 12,58 times of pooling (centralized allotment) based on data from the E-IPO system. The company released 939,7 million shares for this initial public offering, or equivalent to 15% of the paid-up capital after the initial public offering of shares.

Investors who buy VTNY shares are spread across 34 provinces in Indonesia and six countries. The number of subscriber shares reached 18.847 people.

As much as 42% of the proceeds from the IPO will be used by the company as a loan to the company's subsidiary, PT Venteny Matahari Indonesia as working capital which is then distributed to P2P partners lending. Then the rest, used for business development includes super app for employees, products and services, expanding marketing area by 30%, and group working capital by 28%.

Post-IPO, the company plans to strengthen the B2B segment by collaborating with associations in various industries, maintaining credit collectibility levels, and expanding market coverage by increasing the number of branch offices so that the company can have a better impact on Indonesian MSMEs and their employees.

In addition, to increase and strengthen the B2B2E (Business-to-Business-to-Employee) segment, the company will optimize big data to develop useful and effective services for employees in all segments.

From this step it is hoped that there will be a growth contribution from employee super-app which is a B2B2E service. "We will make employee super-app This is an application that all employees must have,” Waide concluded.

Venteny's Solution

Venteny itself is an HR-tech startup that provides technology to meet employee needs through improvement employee happiness and employee engagement. Venteny builds an ecosystem employee super app through cooperation with third parties to provide some of its services, such as the Financial Technology Program (V-Nancial), the Technology-Based Insurance Program (VENTENY Insurance & Protection Program) or “VIP”, the Employee Benefits Program (V-Merchant), and the Education-Based Program. Technology (V-Academy).

Through the V-Nancial feature, for example, there are three types euse loan, namely Multipurpose Loans, Education Loans, and Cash Advances which are similar to the selected cash registers. The company cooperates with finance companies that already have permission from the OJK as a source of access to employee emergency funds.

The business model implemented by Venteny consists of three segments, namely B2B, B2B2E and B2C. Contributions from B2B dominate with user growth reaching 161,61% as of March 2022. It is claimed that there are more than 200 corporations that oversee more than 200 thousand employees who are beneficiaries benefits from Venteny.

According to the financial reports as of June 2022, Venteny recorded revenue growth of IDR 29,2 billion, up 71% (YoY). The cost of goods was IDR 18,22 billion, an increase of 196%.

Meanwhile, comprehensive profit for the current year was recorded at IDR 4,92 billion, a drastic increase to 2.005%. This increase was in line with net income and an increase in other comprehensive income for foreign exchange differences. Meanwhile, the company's assets reached IDR 354,52 billion, an increase of 47% (YoY) and its liabilities also increased to IDR 273,89 billion, an increase of 31%.