KKR has led a $48 million Series C funding round in Privy, a digital trust provider in Indonesia. Existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (TMI), and new investors including Singtel Innov8, also participated in the round.
The investment will help Privy strengthen its position as a digital signature and digital identity provider in Indonesia, support the development of new consumer and enterprise products to enable Indonesians and businesses to access a wider range of services securely and accelerate broader digital transformation.
This latest investment in Privy builds on the strong commitment by the Indonesian government to accelerate the digital transformation of the world’s fourth largest population1 through four strategic sectors – namely digital infrastructure, digital governance, digital economy, and digital citizenship – and contribute to the development of the digital community in Southeast Asia. Indonesia’s digital economy is projected to reach $146 billion by 20252, and to become Southeast Asia’s largest digital economy valued at more than $300 billion by 2030.
Read more: Private Equity Wire
