Indonesia

The Jakarta-based startup has reached a valuation of $1 billion after raising $153 million in a financing round led by DST Global.

Grab has increased its holding in Ovo's parent company PT Bumi Cakrawala Perkasa from about 39 percent.

The partnership further enhances the shopping and payment experience of shoppers and supports Muslim retailers and businesses with increased sales amid the pandemic.

The funding round was co-led by Prosus Ventures, Tencent and B Capital Group. Amazon founder Jeff Bezos's Bezos Expeditions also joined the round.

Startup Studio Indonesia has a preference for the following six sectors: education, health, maritime, agriculture, travel, and logistics but put more emphasis towards selection criteria: product-market fit traction, founder’s profile, local defensible-factor, and market size.

Forge Ventures said it will build a concentrated portfolio of just 15 companies over the next three years with a focus on Singapore and Indonesia.

Startup Studio Indonesia has selected 15 early-stage startups - out of a total of 5,723 registrants - to take part in Startup Studio Indonesia's third batch of incubation training.

The additional funds will be utilized for KitaBeli’s expansion into more cities, as well as build out a wider stock-keeping unit mix.

Other investors include MDI, Pavilion Capital, AC Venture, CCV, Wavemaker, PT SAT, Saison Capital, Orion Advisors (DST Founders).

The fresh funds will be used to expand the leadership and growth teams, to enter new geographies and to deepen technology development.