Aditya Hadi Pratama · · 2 min readEmtek’s video-streaming platform raises $45m from Grab, others
Vidio, an Indonesian over-the-top video platform, has raised US$45 million from a subsidiary of local conglomerate Sinar Mas Group, a subsidiary of Southeast Asian super app Grab, and a subsidiary of local football club Bali United.
The deal comes on the heels of Vidio’s US$150 million fundraise from Affinity Equity Partners last year, which put its valuation at US$900 million. Tech in Asia has asked Vidio whether the new transaction has pushed the company’s valuation to more than US$1 billion but hasn’t received any response.
Vidio app / Photo credit: Vidio
Founded in 2014, Vidio offers more than 1 million on-demand videos, including exclusive sports and entertainment content. It has an average of 61 million monthly active users.
The platform is owned by Surya Citra Media, a unit of local conglomerate Emtek Group, which inked a strategic partnership with Grab last year. Sutanto Hartono, Emtek’s managing director, is also the CEO of Vidio’s parent firm.
In a statement, Vidio said that it will build a collaboration with its investors, including cellular data provider Smartfren and fiber optics provider MyRepublic – which are both owned by Sinar Mas Group.
“This investment sets the milestone for continuous collaboration between Sinar Mas Group and Emtek Group,” said Daniel Cahya, director of Sinar Mas Group subsidiary Dian Swastatika Sentosa.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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