Warburg Pincus backs Indonesia tax compliance business
Warburg Pincus has led a $25 million Series B round of funding for OnlinePajak, an Indonesia-based company that operates an online tax reporting platform.
Global Innovation Fund and Endeavor Catalyst also came into the round as investors, while Alpha JWC Ventures, Sequoia Capital India, and Primedge all re-upped. Alpha JWC led the company’s Series A round in 2017. Endeavor Catalyst is a $100 million fund that invests exclusively in start-ups that have been through the Endeavor entrepreneur mentoring and development program.
OnlinePajak was founded in 2015 and entered the Endeavor program the following year. The company claims to be the first tax application to implement blockchain technology. It offers a fully-integrated web-based tax application through which corporate and individual users can calculate how much tax they owe, make the relevant payments, and then log their tax reporting. There are additional premium features such as invoicing and payroll.
Since its launch in 2015, OnlinePajak has accumulated more than 900,000 users. Corporate clients include Garuda Indonesia, Telkomsel, Astra Otoparts, TNT Skypak International, Bank Permata, and Asuransi Sinarmas. Founder and CEO Charles Guinot (pictured) said the Series B was a validation of the business model. The proceeds will go towards expanding the company’s capabilities and accelerating the application of artificial intelligence and blockchain technology.
"We have been strongly impressed by the virality of the business and we believe that the company has tremendous growth potential – not only in helping businesses across Indonesia to operate much more efficiently but also in playing a key part in realizing the Indonesian government’s vision to broaden the country’s tax base," said Jeffrey Perlman, head of Southeast Asia at Warburg Pincus, in a statement.
Warburg Pincus has committed more than $1.5 billion to companies in Southeast Asia. Portfolio companies include Indonesian ride-hailing and delivery platform Go-Jek, Singapore-based visual technology start-up Trax, Vietnam’s Techcombank and Vincom Retail, and two Vietnam platforms focused on hospitality assets and logistics infrastructure.
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