OVO is Indonesia’s fifth billion dollar firm: Communication Minister

I have talked with its founder, and it is, indeed at over one billion. I dare to speak up about this after receiving direct confirmation.

Jakarta (ANTARA) -

Minister of Communication and Informatics Rudiantara has noted that OVO, a digital wallet provider start-up, has become Indonesia's fifth unicorn company, valued at more than USD one billion.

"I have talked with its founder, and it is, indeed at over one billion. I dare to speak up about this after receiving direct confirmation," Rudiantara said in Jakarta on Saturday.

According to data provided by a company analysis firm, CB Insights, valuation of OVO reached USD 2.9 billion, as of March 14, 2019.

"We are very grateful about this, since we have targeted five unicorns as of the end of 2019. Yet, before that target was reached there was already a new one. We welcome OVO as a new Indonesian unicorn, established in Indonesia," Rudiantara added.

Earlier, it was announced that Indonesia has three start-up companies that reached unicorn status, including Traveloka, Bukalapak, and Tokopedia.

"I pinned high hopes that the target will be exceeded, since there are more unicorn-potential start-up companies for this year," Rudiantara added.

He hinted that these companies are coming from the education sector, noting, "Logically, 20 percent of the national budget is aimed for educational purposes, while five percent is for health. How could it be possible, if there are no unicorns from these sectors?"

Source: ANTARA News

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