Indonesian gov’t pushes for LinkAja IPO within the next year and a half

In an interview with the publication, BUMN deputy minister Kartika Wirjoatmodjo said the IPO plan is expected to be realized in the next year or in the next year and a half.

With the IPO, LinkAja can obtain additional funding from a wider range of sources, namely state-owned companies, the private sector, and the public, Wirjoatmodjo said.

The former president director of Bank Mandiri also said that the fintech company just finished raising funds for its series B round.

The development comes after LinkAja announced it has raised up to US$100 million, which was led by Southeast Asian super app Grab and joined by Telkomsel, BRI Ventures, and Mandiri Capital Indonesia.

Founded just last year, LinkAja is an e-wallet service from Telkomsel and state-run organizations under BUMN. It currently has seven shareholders, with Telkomsel, Bank Mandiri, Bank Negara Indonesia, and Bank Rakyat Indonesia holding 20% each of the company. Bank Tabungan Negara and Pertamina each hold 7%, while Asuransi Jiwasraya has a 1% share.

Earlier this month, Bank Rakyat Indonesia-backed corporate venture capital initiative BRI Ventures announced a partnership with the Indonesia Stock Exchange that aims to help more local startups pursue IPOs on the local exchange.