Grab invests in Indonesia’s e-investment platform Bareksa in a Series C round
Bareksa, an Indonesian integrated digital investing platform, has received an undisclosed sum from Grab in a Series C fundraising round.
Bareksa will have access to Grab users and partners as a result of this relationship and will be able to offer them investment possibilities with payments handled by OVO.
The money supports the startup’s goal of enhancing the synergy between Grab, Bareksa, and OVO as Indonesia’s premier digital payment platform.
Bareksa received Series B investment from OVO in 2019.
Karaniya Dharmasaputra, co-founder and CEO of Bareksa, said, “Grab’s funding will further strengthen our presence as the first integrated online mutual fund marketplace in Indonesia. By synergising with Grab and OVO, Bareksa will be able to provide wider access, educate the benefits of investment and provide a seamless e-investment experience to millions of driver-partners, kiosk owners and MSMEs, as well as Grab and OVO users.”
Karaniya, president director of OVO, added, “The synergy of the Grab-Bareksa-OVO triangle is expected to increase its contribution in helping to encourage financing of the national economy. With the full support of Grab and OVO, Bareksa believes that it can further support the vision of the Indonesian government and regulators, particularly the Indonesian Financial Services Authority and Bank Indonesia, in expanding national capital market services while increasing financial literacy and inclusion.”
In Indonesia, the penetration rate of mutual funds was barely 3% of GDP in 2020. However, the number of capital market investors grew during COVID-19. According to data from the Indonesian Central Securities Depository (KSEI), there were 6 million capital market investors as of August 2021. According to KSEI, 70% of retail investors would buy mutual funds through the fintech platform by 2020.
