Indonesia-based KinerjaPay has announced a US$200 million investment from local construction firm Wahana Group.
KinerjaPay is an ecommerce platform that also operates a mobile wallet service. Users can use the e-wallet to pay for their bills and shop on affiliate ecommerce sites. They can top up their e-wallet via bank transfers.
KinerjaPay is the first Indonesian ecommerce firm to be listed on the US OTC market. It reported revenue growth of 728.5 percent from Q1 2017 to Q1 2018. Its gross revenue for Q1 2018 was at US$1.8 million. In the same period, the company also claims that online transactions on their platform have grown by almost 700 percent.
Chairman and CEO Edwin Witarsa Ng said in a statement that the funding will accelerate their growth in 2019. The company will be looking into potential acquisitions and strategic investments in Southeast Asia, principally in Indonesia.
In October, the company announced plans to acquire Indonesian firm MDU, a mobile prepaid top-up provider.
Editing by Jack Ellis, Eileen C. Ang, and Judith Balea
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