Jakarta, IO – KKR, a leading global investment firm, and Privy (the “Company”), a leading digital trust provider in Indonesia, today announced the signing of definitive agreements under which KKR will participate as the lead investor in the $48 million Series C funding round of Privy, with participation from existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (“TMI”), and new investors including Singtel Innov8. The investment will help Privy strengthen its leading position as a digital signature and digital identity provider in Indonesia, support the development of new consumer and enterprise products to enable Indonesians and businesses to access a wider range of services securely and accelerate broader digital transformation.
This latest investment in Privy builds on the strong commitment by the Indonesian government to accelerate the digital transformation of the world’s fourth largest population through four strategic sectors – namely digital infrastructure, digital governance, digital economy, and digital citizenship – and contribute to the development of the digital community in Southeast Asia. Indonesia’s digital economy is projected to reach $146 billion by 2025, and to become Southeast Asia’s largest digital economy valued at more than $300 billion by 2030. With the support of new and existing investors, the Company also intends to expand into overseas markets to further accelerate growth.
Marshall Pribadi, CEO and Co-Founder of Privy, said, “We are thrilled to welcome KKR as among our new investors. Their participation in this latest fundraise, alongside the continued support by our existing investors, is testament to the progress we have made over the course of Privy’s journey, and the conviction in our long-term vision of building digital trust through our platform and the potential of Indonesia’s digital transformation. With their support and global experience, combined with the support of our existing investor MDI Ventures, GGV Capital, and TMI, who have played an important role in helping us to achieve our success so far, Privy is well-placed to innovate further with new offerings and stronger capabilities and build a strong foundation for overseas expansion.”