KKR is leading a US$48 million Series C funding round in Indonesian digital trust platform Privy. Existing investors, MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi and new investors Singtel Innov8 also participated in the round.
Other recent investments by global investment firm KKR in the South-east Asia startup space include Philippines' GrowSari, a business-to-business e-commerce platform for small and medium enterprises (SME) and KiotViet, a merchant platform for SMEs in Vietnam.
Privy offers services ranging from digital identity to document management across industries such financial services and healthcare. The platform has over 30 million verified users and 1,800 enterprise customers, processing over 40 million digital signatures a year.
"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," said Louis Casey, KKR's growth technology lead in South-east Asia.
The funding will be used to build on Privy's market position in Indonesia, as well as support development of new products and services for consumers and businesses to go digital. There are also plans to expand to overseas markets with the new funding round.
The platform will be riding the Indonesian government's push for digital transformation in the island archipelago through digital infrastructure, digital governance, digital economy and digital citizenship.
"With KKR's support and global experience, combined with the support of our existing investor MDI Ventures, GGV Capital, and TMI, who have played an important role in helping us to achieve our success so far, Privy is well-placed to innovate further with new offerings and stronger capabilities and build a strong foundation for overseas expansion," said Marshall Pribadi, chief executive officer and co-founder, Privy.