XL Axiata and SK Planet Raised 300 Billion Rupiah for Elevenia

Judging on the potential that Elevenia (PT XL Planet) has in taking part in the OTT trend, XL Axiata and its partner, SK Planet, have agreed to invest more by injecting no less than $12, 1 million each (or around Rp 300 billion in total) last January. FYI, this coming March will mark Elevenia’s first anniversary.  

As Madeleine Ong de Guzman, XL Planet’s VP Marketing Division, stated, “This investment is part of both companies’ early agreement. There isn’t any change in 50:50 composition. Both stakeholders invest at the same time, in accordance to their commitment of letting Elevenia to grow.”

Previously, XL Planet’s Finance Director Lila Nirmandari told Kontan, “Adding more capital to XL Planet is indeed part of our business plan. The objective is to increase our marketing activities and platform upgrade.”

XL Planet (Elevenia) was initiated with $36,6 mill. With this additional injection, XL Planet now possesses more than $60,8 million of capital (or more than Rp 700 billion).

Last December, Elevenia had gathered 750 thousand registered users and served 8000 daily orders. Anggita Vela Lydia, Elevenia’s Senior Manager Business Development & PR, told us during an interview session that her team targets to gain five times bigger revenue this year.