Ovo is Indeed Indonesia's Fifth Unicorn

Finance Asia leaked Ovo's latest valuation at $2.9 billion (over 40 trillion Rupiah)

Amir Karimuddin - 18 September 2019

Ovo's former Director, Johnny Widodo (now the CEO of BeliMobilGue) said earlier this year at the interview with CNBC Indonesia that the digital payment platform has reached valuation over $1 billion or so-called unicorn. The news might be sealed and Indonesia's "officially" still the country with four unicorns, Gojek, Tokopedia, Traveloka, and Bukalapak.

Last week, Finance Asia with its source, stated Ovo's valuation at the latest round has reached $2.9 million (over 40 trillion Rupiah) - the number which may be obsolete today.

Regarding this news, our source at Ovo didn't deny the Lippo Group initiated company supported by Tokyo Century Corp, Grab and Tokopedia, is indeed at the unicorn stage.

DSResearch's Startup Report 2018 put Ovo as the closest unicorn-to-be, among all those startups with over $100 million valuation.

As the leading company of digital payment with GoPay, the company is clearly proceeding a big amount of funds that touch trillion Rupiahs per year. Ovo's selection as the primary payment method on Tokopedia also boosts the increasing use of this instrument on average for every user.

A piece of news arose last weekend of Ovo and Dana merger in an effort to dominate the digital payment head to head with Gojek in Indonesia.

In fact, the unicorn title is not to solve all problems. The rumor of Bukalapak's layoff due to profitability is an example of running a business won't be that easy.

Original article is in Indonesian, translated by Kristin Siagian

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