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Ajaib Reportedly Raising IDR 2.1 Trillion of Funding

Ajaib Reportedly Raising IDR 2.1 Trillion of Funding

Wealthtech platform Ajaib is rumored to soon be the next unicorn from Indonesia. The company is currently finalizing its next funding round, targeted at $150 million (over 2.1 trillion Rupiah).

According to DealStreetAsia news, DST Global has led this funding. Even so, the Ajaib startup still has not confirmed the news.

When referring to the rumors, by calculating the total funding previously received by Ajaib of $92 million, the total funding that has been pocketed by the company is $242 million.

Ajaib Reportedly Raising IDR 2.1 Trillion of Funding

Some calculate that roughly the $1 billion of valuation can be achieved with 4.1x-4.2x of the total funding. That’s slightly higher than Xendit’s $238 million total to take them to unicorn status.

This year alone, Ajaib has twice announced funding for a series A round. The first in January 2021 led by Horizons Ventures and Alpha JWC for $25 million.

Two months later in March 2021, it again announced an additional $65 million in funding led by Ribbit Capital. The high enthusiasm of new investors during the pandemic helped boost Ajaib startup’s performance significantly.

Ajaib Startup is Active Collaborating with Various Parties

Since entering the stock asset class since June 2020 – through the acquisition of PT Primasia Unggul Sekuritas, bringing Ajaib as the 4th largest stock broker in Indonesia based on trading frequency in March 2021 with a total of more than 10 million transactions.

Mentioned Ajaib startup has had more than 1 million users. Besides being supported by a passionate stock investment climate, the company also has a strong growth hacking strategy.

It is proven through actively cooperating with various celebrities from local and overseas as brand ambassadors to attract attention. Ajaib startup’s closest competitor, Stockbit, is also backed by strong funding.

Ajaib Reportedly Raising IDR 2.1 Trillion of Funding

In May 2021, they announced an additional $65 million in funding led by Sequoia Capital India, having previously led a previous round of $30 million earlier this year.

Judging from the fast investment disbursed for various Indonesian startups, it is very likely that we will continue to welcome the next generation of unicorns. The reason is that there are dozens of startups with centaur valuations.

Akulaku, Ruangguru, SiCepat, and Kopi Kenangan who have reached the final centaur stage. This means, if there is one round of funding that they announce, it will automatically enter as the next unicorn.

Attracting One Million Investors in 2 Years

An online stock and mutual fund investment platform or application, Ajaib recorded significant growth by cooperating with 1,032,822 stock investors in a relatively short time.

In two years, Ajaib has carried out various initiatives such as running 1,000 Stock Generation Programs through the Capital Market School (SPM) with IDX Representative Offices in various regions.

Ajaib has also established IDX Investment Galleries in regions in Indonesia, especially remote areas of the country that still have low levels of financial literacy. In addition, various campaigns have been carried out to encourage the younger generation to dare to invest.

Ajaib Reportedly Raising IDR 2.1 Trillion of Funding

“Ajaib’s big dream is to help millennials in Indonesia to be financially independent through investment,” said Ajaib CEO, Anderson Sumarli in Jakarta, Thursday (23/9).

The company is also committed to supporting the government’s efforts to increase inclusion and domestic financial literacy by providing education and access to online investment through the Ajaib application

With its efforts to provide comprehensive online investment services for investors throughout Indonesia, Ajaib continues to innovate to provide the best investment experience and provide equitable access to investment services.

This achievement is the start of a new journey of Miracle in educating millions of young Indonesians to dare to start investing and to create millions of other young people who are productive and investment literate.