With the IPO, LinkAja can obtain additional funding from a wider range of sources, said BUMN’s deputy minister.
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Existing investor Unilever Ventures also participated in round, along with venture debt fund Trifecta Capital.
Hi-So said it plans to use the new funds to bankroll various marketing efforts as well as the renovation of its app.
The two firms will invest in Indonesia-focused tech startups in Southeast Asia, backing founders in the region who emerge out of the coronavirus crisis.
It reportedly approached the court, pleading it be excluded from an arbitration triggered after Amazon objected to Future Retail’s deal with Reliance.
The round comes after the company raised US$150 million in a funding round led by SoftBank Vision Fund 2 in September.
Investors include AlphaJWC, Monk’s Hill Ventures, VinaCapital Ventures, and Do Ventures.
The bus aggregator startup will invest proceeds from the funding to upgrade operations in an attempt to make Cityflo a go-to brand for office commuting.