Ajaib Group has secured Series A funding US$25 million led by Hong Kong tycoon-owned venture capital firm owned by Li Ka-Shing, Horizons Ventures and local private equity firm, Alpha JWC Ventures - Photo by the Company

JAKARTA (TheInsiderStories) – Ajaib Group, an online investment platform and securities firm based in Indonesia, announced has secured Series A funding US$25 million led by Hong Kong tycoon-owned venture capital firm owned by Li Ka-Shing, Horizons Ventures and local private equity firm, Alpha JWC Ventures.

Other investors have also returned to inject capital into the company are SoftBank Ventures Asia, Insignia Ventures, and Y Combinator. In 2019, the provider had completed an initial funding round and successfully raised $2.1 million led by SoftBank Ventures, Y Combinator, Alpha JWC, Insignia Ventures Partners, and former Sequoia Capital partners who were not disclosed.

Ajaib was founded in 2019 by the CEO, Anderson Sumari, and Chief Operating Officer, Yada Piyajomkwan. The group focuses on millennials and budding investors, and currently has one million monthly users. The startup assessed that the stock investment penetration is very low, with around 1.6 million domestic capital market investors, or less than 1 percent of the population.

The provider was developed by PT Takjub Teknologi Indonesia and  operates PT Ajaib Sekuritas Asia. On May 26, 2020, the group officially acquired a member securities company of the Indonesia Stock Exchange through PT Primasia Unggul Sekuritas (Code: XC), a company owned a brokerage license with Net Adjusted Working Capital amounting to Rp26.58 billion ($1.90 million).

PT Unggul Utama Securindo owned 99 percent at the company and others hold by PT Lintas Dirgaprima. Primasia was established in 1989 under the name PT Manwell Setra which was replaced in 1995 with the name PT Primasia Securities and in 2017 before finally being annexed by Ajaib.

Similar tech firm involved in capital market businesses, Bibit, also received fresh funding $30 million funding round led by Sequoia Capital India. Then, Bareksa, confirmed the Series B funding from the OVO payment application last year.

Recently, Alpha JWC predicted that there are at least three startup sectors that could be the spotlight by the investors in the 2021 period. The sectors are e-commerce, edutech, and financial technology service.

“The digital economy is on the rise again, so this is precisely the time for investment,” said Jefrey Joe, co-Founder and general partner at JWC Ventures in a discussion, last week.

The funder has invested in around 30 startups, including Friends Money, Kopi Kenangan, Tanihub, Modalku, and WeWork. The company was founded by Chandra Tjan, Jefrey Joe and Will Ongkowidjaja in early 2015. Initially, Alpha JWC started investing with a capital of $50 million. Now, they also manage other funding of $100 million.

Written by Editorial Staff, Email: theinsiderstories@gmail.com