Indonesia’s fifth unicorn startup is OVO

Indonesia’s fifth unicorn startup is OVO

Finance Asia stated that the valuation of OVO has reached US$2.9 billion or more than IDR40 trillion Earlier this year, former OVO Director Johnny Widodo (now CEO of BeliMobilGue) stated in an interview with CNBC Indonesia that the digital payments platform has become one of the startups with more than US$1 billion valuations –a title commonly known as a unicorn. The narrative seemed to get toned down a bit as Indonesia continued to be known to have four unicorn startups: gojek, Tokopedia, Traveloka, and Bukalapak. However, Finance Asia in its report last week cited a source that claimed OVO to have reached unicorn status through its latest funding round at US$2.9 billion valuations. A number that might have become obsolete today. Commenting on the report, our source at OVO did not deny that the company –which has Lippo Group, Tokyo Century Corp, Grab, and Tokopedia– has reached unicorn status. The 2018 Startup Report that DSResearch team has launched placed OVO as one of the...
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