Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, said, “Privy has established itself as a pioneer in Indonesia’s digital trust space with strong ambitions. We are excited about the Company’s growth potential and by the opportunity to advance Indonesia’s digital transformation and prosperity.”
Louis Casey, KKR’s growth technology lead in Southeast Asia, said, “Privy has built an industry-leading platform that combines prime features, a user-friendly design, and secure and robust infrastructure. We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond.”
Founded in 2016, Privy is a leading digital trust platform in Indonesia that provides trusted digital identities and legally binding digital signatures. The Company offers a wide range of services including digital identity, digital signature, digital verification, and document management products and services in a wide range of sectors including financial services, healthcare, and education. In 2018, Privy became the first non-government institution to be licensed as a Certificate Authority (CA) by Indonesia’s Ministry of Communication and Information Technology and, in 2019, the first electronic Know-Your-Customer service provider to be registered under Indonesia’s Financial Services Authority. Today, Privy is the market leader with more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, and processes more than 40 million digital signatures per year.
KKR is making its investment from its Asia Next Generation Technology strategy. Privy is KKR’s latest growth technology investment in software in Southeast Asia and adds to recent investments in the region including GrowSari, a business-to-business e-commerce platform serving small and medium enterprises (“SMEs”) in the Philippines, and KiotViet, a merchant platform for SMEs in Vietnam. KKR’s other recent growth technology investments in the broader Asia Pacific region include Education Perfect, an education software platform in New Zealand, dataX (formerly From Scratch), an internet software and services company in Japan, NetStars, the operator of Japan’s largest QR code payment gateway, and Livspace, a Direct-to-Consumer home renovation platform with a presence in India and Singapore. Additional details of the transaction are not disclosed.