Since March, OVO has been one of the unicorns in Indonesia. (Image via Bisnis Tempo.co)

OVO becomes Indonesia's 5th unicorn

Alfonsus Adi Putra
Business & Industry
Start Up
Oct 03, 2019
2138
OVO became the fifth unicorn start-up company from Indonesia with an estimated valuation of US$2.9 billion (Rp41 trillion). Unicorn is a title for start-up companies whose valuation reaches more than US$1 billion (Rp14 trillion). For OVO, it has held the “Unicorn” title since March.

With OVO becoming the fifth Indonesian unicorn, the goal set by Minister of Communication and Information Technology, Rudiantara, was already fulfilled. Here is the list of Indonesian unicorns:

1. Gojek with US$10 billion (Rp141,46 trillion) valuation.
2. Tokopedia with US$7 billion (Rp99 trillion) valuation.
3. OVO with US$2,9 billion (Rp41 trillion) valuation.
4. Traveloka with US$2 billion (Rp28,2 trillion) valuation.
5. Bukalapak with US$1 billion (Rp14,14 trillion) valuation.

OVO’s growth was considered quite fast. OVO even outpaced Traveloka and Bukalapak who had achieved the title long before.

However, for the experts, it is not a surprise. The experts from the Indonesian E-commerce Association (IDEA) had foretold that the fifth Indonesian unicorn would come from financial technology (fin-tech). OVO fulfilled three categories that should be possessed by a good fin-tech start-up: vast transaction with vast monetary circulation, vast transaction frequency, and broad customer service.

The experts pointed out that from the three categories, e-wallet and e-ticketing were the most suitable. And, they saw two competitive e-wallet giants in Indonesia, OVO and GoPay from GoJek.

Source: https://bit.ly/2n9P3Sf

Business , Start-Up , ASEAN , Indonesia , OVO , Unicorn , GoJek , GoPay , Fin-Tech