Grab joins series C round of investment app Bareksa

Bareksa, an Indonesia-based investment app, has raised an undisclosed amount of series C funding from Grab, the Southeast Asian super app.

From left: Jaygan Fu Ponnudurai, Ovo CEO; Neneng Goenadi, Grab Indonesia’s country managing director; and Karaniya Dharmasaputra, Bareksa CEO / Photo credit: Bareksa

Founded in 2016, Bareksa allows users to invest in 200 mutual fund products offered by 40 investment managers across the archipelago. The company said it currently has more than 2.5 million registered accounts on its platform.

In a statement, Bareksa said it will now gain access to Grab’s pool of users and drivers. Following the deal, users can buy Bareksa’s mutual funds via Grab’s app and pay using their Ovo wallets.

Ovo, which also counts Grab as its investor, had joined Bareksa’s series B funding round in 2019.

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Investment aside, Bareksa and Ovo were already building a connection behind the scenes. Bareksa’s chief executive Karaniya Dharmasaputra currently also holds the position of president at Ovo and the position of commissioner at Taralite, a peer-to-peer lending company owned by the e-wallet service.