VIDA Reportedly Received 591 Billion Rupiah Funding, Entered Centaur Category

Digital signature service developer startup VIDA is reported to have received series A funding worth $41,2 million or equivalent to 591,4 billion Rupiah. Alpha JWC Ventures, Endeavor Catalyst, Ferro Investments and a number of others were involved in this round.

Regarding this news, DailySocial.id have tried to ask the relevant parties for information. However, until this news is published, there has been no comment.

According to the data that has been inputted to the regulator, the total funds overall investment VIDA has raised $51 million. Bringing the company's valuation to around $260 million, while cementing their entry into the ranks centaur.

VIDA was founded in 2018 by Niki Luhur, Sati Rasuanto, and Gajendran Kandasamy. Currently they have 3 main services, including VIDA Verify (identity verification service), VIDA Sign (electronic signature service), and VIDA Pass (authentication and authorization system). VIDA has also become an electronic certification provider (PSrE) registered with the Ministry of Communication and Information.

Apart from Kominfo, in Indonesia, platforms such as those provided by VIDA also fall under the regulations issued by Bank Indonesia and the Financial Services Authority -- although currently they are still at the stage of regulatory sandbox.

VIDA business development

Apart from obtaining permits from regulators in Indonesia, VIDA has also carried out a number of strategic actions to support its services. Including a partnership with the Directorate General of Population and Civil Registration to obtain ISO 27001 certification for standardization of information security management.

VIDA has also received international accreditation, such as from WebTrust, is a member of the Cloud Signature Consortium, and is listed as a member of the Adobe Approved Trust List. With its presence in the international landscape, VIDA Sign is now recognized by users in 40 countries.

Most recently, VIDA announced earlier this year strategic collaboration with DocuSign. This partnership provides DocuSign electronic signature users in Indonesia with the option to sign documents with identity verification online which is safe and has legal force, supported by the platform owned by VIDA.

Market competition

According to a Fortune Business Insight report, the market size for digital signature services has reached $3 billion in 2021. This year it is expected to increase to $4,05 billion and grow to $35,03 billion in 2029 at a CAGR of 36,1%. Meanwhile in Indonesia, according to DocuSign total addressable market still very wide open. The potential could reach $25 trillion.

In Indonesia itself, apart from VIDA, there are also several other players who have registered with the regulator, including Privy, Just Press, and Digisign.

With use case which is increasingly widespread, especially in the digital consumer sector such as fintech, e-commerce, and others, it is believed that solutions related to digital signatures will be widely adopted. Moreover, Covid-19 has brought a digitalization trend in various industrial lines, which has also encouraged administrative filings to be carried out digitally.