1. Startups

After SK Planet, XL Axiata Decided to Leave Elevenia

Sold 50% ownership stake, now the new owners are PT Jaya Kencana Mulia Lestari and Superb Premium Pte. Ltd

After before reported that SK Planet is currently in the process of repositioning its overseas businesses, including the sale of all of its shares in Elevenia, XL Axiata (XL), which has the remaining 50% stake, also left the e-commerce service that was built since 2015.

Both shares are said to have been handed over to PT Jaya Kencana Mulia Lestari and Superb Premium Pte. Ltd. through the mechanism of the Conditional Sale and Purchase Agreement or CSPA. We do not have further information about these two companies, but it is rumored that both are under the ownership of the Salim Group.

According to XL President Director and CEO Dian Siswarini, the decision to release Elevenia was taken through careful calculation. In its official statement, XL hopes that this decision will reduce the impact of losses arising from Elevenia.

"We will continue to support the e-commerce industry through digital features in the data services we provide for customers," said Dian Siswarini in a written statement.

Had wanted to defend Elevenia

Previously, XL had done review for the whole digital business which the company has been involved in since it first entered in 2013. Later there will be some products that are maintained or discontinued.

Dian claims that Elevenia's business growth is more than 50% every year. Despite good growth, currently Elevenia is still at a loss and has not had a significant impact on the company.

XL's digital services cover seven segments, namely digital entertainment (Yonder and Tribe), business innovation, digital payment (XL Tunai), mobile advertising (m-Ads), cloud computing (XCloud), internet of things (XL IoT), and business. e-commerce (Elevenia).

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