Miraculously Reportedly in the Middle of Raising 2,1 Trillion Rupiah Funding, Potentially Becoming the Next Unicorn

Platform wealthtech Magic is rumored to be in status soon unicorn next from Indonesia. The company is currently finalizing its next funding round, targeted at $150 million (over 2,1 trillion Rupiah). According to the news Deal Street Asia, DST Global has led this funding.

DailySocial.id already contacted one of the investors and management of Ajaib to ask for confirmation. The answer was unanimous that they refused to comment on the rumors.

When referring to the rumors, by calculating the total funding previously received by Ajaib of $92 million, the total funding that has been pocketed by the company is $242 million.

Some calculate that roughly the $1 billion valuation can be achieved with 4,1x-4,2x of the total funding. This figure is slightly higher than the total acquisition Xendit $238 million to deliver them to unicorn status.

This year alone, Ajaib has twice announced funding for the series A round. The first in January 2021 led by Horizons Ventures and Alpha JWC for $25 million. Two months later in March 2021, again announcing additional funding for $65 million led by Ribbit Capital.

The high enthusiasm of new investors during the pandemic helped boost Magic's performance significantly. Since entering the stock asset class since June 2020 - through the acquisition of PT Primasia Unggul Sekuritas, bringing Ajaib as the 4th largest stock broker in Indonesia based on trading frequency in March 2021 with a total of more than 10 million transactions. Mentioned Magic has had more than 1 million users.

Besides being supported by a passionate stock investment climate, the company also has a strategy growth hacking tight. It is proven through actively cooperating with various celebrities from local and overseas as brand ambassadors to attract attention.

Magic's closest competitor, Stockbit, is also backed by strong funding. Last May 2021, they announced additional funding worth $65 million led by Sequoia Capital India, having previously led the previous round of $30 million earlier this year.

Register unicorn From Indonesia

Judging from the fast investment disbursed for various Indonesian startups, it is very likely that we will continue to welcome the next generation of unicorns. The reason is that there are dozens of startups with centaur valuations.

In a note DailySocial, there is Akulaku, Ruangguru, SiCepat, and Kopi Kenangan which have reached their final centaur stage. This means that if there is one round of funding that they announce, it will automatically enter as the next unicorn.

From data DailySocial, Indonesia has 10 startups that are confirmed as unicorns. They are:

*with assumption has completed the merger process then go public via SPAC