Vidio, an Indonesian over-the-top video platform, has raised $45 million in funding from a subsidiary of Sinar Mas Group, a subsidiary of the Southeast Asian super app Grab, and a subsidiary of the local football club Bali United.
The deal follows Vidio’s $150 million funding round from Affinity Equity Partners last year, which valued the company at $900 million. Vidio has yet to respond to a question from Tech in Asia about whether the new transaction has increased the company’s valuation to more than $1 billion.
Vidio, which was launched in 2014, has over 1 million on-demand videos, including exclusive sports and entertainment content. It has 61 million monthly active users on average.
Surya Citra Media, a subsidiary of local conglomerate Emtek Group, owns the platform, which signed a strategic partnership with Grab last year. Emtek’s managing director, Sutanto Hartono, is also the CEO of Vidio’s parent company.
Vidio said in a statement that it will work with its investors, which include cellular data provider Smartfren and fibre optics provider MyRepublic, both of which are owned by Sinar Mas Group.
“This investment sets the milestone for continuous collaboration between Sinar Mas Group and Emtek Group,” said Daniel Cahya, director of Sinar Mas Group subsidiary Dian Swastatika Sentosa.
