KKR, a global investment firm, and Privy, a leading digital trust provider in Indonesia, announced the signing of definitive agreements under which KKR will participate as the lead investor in the $48 million Series C funding round of Privy, with participation from existing investors MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi (TMI), and new investors including Singtel Innov8.
The investment will help Privy strengthen its leading 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, according to the statement.
Marshall Pribadi, CEO and Co-Founder of Privy, said, “We are thrilled to welcome KKR as among our new investors. Their participation in this latest fundraise, alongside the continued support by our existing investors, is testament to the progress we have made over the course of Privy’s journey, and the conviction in our long-term vision of building digital trust through our platform and the potential of Indonesia’s digital transformation. With their 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.”
Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, said, “Privy has established itself as a pioneer in Indonesia’s digital trust space with strong ambitions. We are excited about the Company’s growth potential and by the opportunity to advance Indonesia’s digital transformation and prosperity.”
Louis Casey, KKR’s growth technology lead in Southeast Asia, said, “Privy has built an industry-leading platform that combines prime features, a user-friendly design, and secure and robust infrastructure. 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 is a leading digital trust platform in Indonesia that provides trusted digital identities and legally binding digital signatures. The Company offers a wide range of services including digital identity, digital signature, digital verification, and document management products and services in a wide range of sectors including financial services, healthcare, and education. 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 and, in 2019, the first electronic Know-Your-Customer service provider to be registered under Indonesia’s Financial Services Authority.
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