Kresna Graha Investama Acquires Three Startups

Kresna Graha Sekurindo (KREN), which is known for its Kresna Securities, officially pivots, as it now becomes an investment company rather than merely a broker. This is marked with the change in its name into Kresna Graha Investama (Kresna). Due to this change, Kresna has prepared itself as a holding company, as well as establishing a specific subsidiary to acquire three e-commerce startups.

Kresna’s Managing Director Jahja Suryandi stated  that his team have so far acquired three startups through PT Kresna Usaha Kreatif (KUK) after the company pivoted.

There has yet been any detail disclosed about the startups it acquired, but Suryandi made it clear that two of them were foreign players and that the company’s focus is e-commerce. Further, he promised that the team will soon announce the startups by next week.

To date, the value of the acquisition remains undisclosed as well, as the company claimed that it was still in a middle of dealing with legal matters. According to the company’s financial report per June 2015, the company possessed no less than Rp 63,74 billion. Interestingly, KUK marks a transition from a startup into a corporate.

It’s quite easy to tell that Kresna is after e-commerce startups, since the industry is currently one of sexiest ones in Indonesia.

Prior focusing on investment, Kresna once played in securities, management asset and financial businesses. The acquisition and diversification are the company’s first step as an investment company, and it’s a rational one to make.