KKR leads $48m Series C for Indonesia's Privy
KKR has led a USD 48m Series C round for Privy, an Indonesia-based company that specialises in technology for providing legally binding digital signatures.
Singtel Innov8 also came in as a new investor, while existing backers MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi, re-upped. Total funding to date exceeds USD 66m, according to AVCJ Research. Previous investors include Mandiri Capital, Mahanusa Capital, and Gunung Sewu, a conglomerate with interests in food, insurance, property, and manufacturing.
KKR described the deal as building on a strong commitment by the Indonesian government to accelerate the development of digital infrastructure, digital governance, digital economy, and digital citizenship. The country’s digital economy is expected to be worth USD 300bn by 2030, when it will become the largest digital economy in Southeast Asia.
“Privy has built an industry-leading platform that combines prime features, a user-friendly design, and secure and robust infrastructure,” Louis Casey, KKR’s growth technology lead in Southeast Asia, said in a statement. “We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond.”
Founded in 2016, Privy offers digital identity, digital signature, digital verification, and document management products and services in sectors including financial services, healthcare, and education. It claims to be the local market leader with more than 30m verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, and more than 40m digital signatures per year.
In 2018, Privy became the first non-government institution to be licensed as a certificate authority (CA) by Indonesia’s Ministry of Communication and Information Technology. In 2019, it was touted as the first electronic know-your-customer service provider to be registered under Indonesia’s Financial Services Authority.
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