Vidio, an Indonesia-based over-the-top (OTT) platform owned by PT Surya Citra Media Tbk and part of PT Elang Mahkota Teknologi Tbk (Emtek Group), said Tuesday it has secured an additional investment of $45 million from several strategic investors.
PT Dian Swastatika Sentosa Tbk (DSSA), a business pillar of Sinarmas Group, through its subsidiary, PT DSST Mas Gemilang (DSST), undertakes the largest portion in this investment round, Vidio said in a statement.
Other prominent investors also participate in this round, such as Grab LA Pte Ltd (Grab), a subsidiary of Grab Holdings Limited which operates the leading super-app platform in South East Asia, and PT Ekonomi Baru Investasi Teknologi (EBIT), the subsidiary of the football club, Bali United.
“With the additional funding, we will pursue our commitment to users by providing the best premium streaming content as well as upgrading the features and quality of the OTT platform to become the most reliable and most watched local OTT platform in Indonesia,
“Besides owning the exclusive broadcasting rights for the English Premier League for the three seasons ending in 2025 and for the World Cup in November this year, we will also be more aggressive in releasing local original series and sinetron to entertain our audiences in Indonesia,” said Sutanto Hartono, the Chief Executive Officer of Vidio.
According to the statement, Vidio has the opportunity to collaborate with its strategic investors across various platforms, such as Smartfren and MyRepublic.
This collaboration is aimed to develop service offerings for the mutual benefit of Vidio and its investors. Emtek Group will also take advantage of strategic partnerships with DSST, Grab, and EBIT to continue to drive Vidio’s growth and strengthen its position as the leading OTT in Indonesia.
This new investment is in addition to the $150 million Vidio received from Affinity Equity Partners (Affinity), one of the largest dedicated Asian private equity firms, in October 2021.
“This investment sets the milestone for continuous collaboration between Sinarmas Group and Emtek Group. We believe this collaboration will be a positive step for Sinarmas Group, including Smartfren (cellular data), MyRepublic (FTTH), and other DSST digital investments, with Vidio as a content provider,
“This collaboration is expected to bring added value, and Sinarmas Group is fully committed to building an integrated digital ecosystem. Therefore, we welcome the strategic partnership with Vidio.” said Daniel Cahya, Director of DSSA.
Vidio also looks forward to the potential synergies that can be achieved with its partners and will continue to improve Vidio’s customer satisfaction.
“Grab and Emtek Group share the same vision that Indonesia’s bright digital future should be shared by all. OTT as a category has grown rapidly in Indonesia especially since the pandemic and the trend of the shift in focus in the entertainment industry from linear channels to OTT and streaming will continue in the next couple of years,
“As the largest OTT platform in Indonesia, Vidio has an incredible reach amongst Indonesian audiences, and we see strong potential synergies for both Grab and Vidio’s ecosystem. We look forward to collaborating with Emtek Group to bring more digital solutions with a positive social and environmental impact in Indonesia,” said Neneng Goenadi, Country Managing Director of Grab Indonesia.
Affinity Equity Partners invests $150 million in Emtek-backed OTT platform Vidio