KresnaGrahaInvestama, a publicly-listed Indonesian investment firm is earmarking up to $68 million w
KresnaGrahaInvestama, a publicly-listed investment firm, is earmarking up to Rp 1 trillion ($68 million) worth of funds to acquire a handful of local technology start-up companies next year, as part of its venture to break into the e-commerce industry in Indonesia, according to a source.
"[Kresna intends] to spend between Rp 500 billion to Rp 1 trillion next year. More details are still [underway]," a source told the Jakarta Globe on Thursday.
According to the source, the company is planning to hold an extraordinary shareholders meeting to propose a financing plan for next year. "It could be debt, or equity...There's a lot of possibilities in fundraising," the source said.
Formerly known as KresnaGrahaSekurindo, the company, which first grew its businesses as a brokerage and securities firm, has been gearing up its investments in other facets of the financial sector, such as insurance and electronic payment systems, in an effort to transform into an investment holding company.
KresnaGraha has also announced its plan to invest in two Singaporean start-ups: M-DAQ, which develops technology to conduct transactions within the capital market, and DominoPos, a mobile payment and customer relationship management system.
More recently, KresnaGraha marked its venture into online retail, acquiring a 20 percent stake in Digital ArthaMandiri, an e-cash payment system provider, for Rp 47 billion ($3.204 million) last month.
KresnaGraha president director Michael Steven also said that Digital ArthaMandiri is set to sign an agreement with a publicly-listed supermarket company, following its partnership with Lippo Group's e-commerce venture MatahariMall.com last month.
"We will be acquiring more start-ups [...] because that's where the future of Indonesia will be," the president director said recently.