SBI paid premium for Ajaib amid challenging market conditions
Indonesian investment platform Ajaib raised $270 million from Japan's SBI Holdings. The funding round was priced above the company's previous valuation, despite a difficult market for startups.
Indonesian digital investment platform Ajaib secured $270 million in funding from Japan's SBI Holdings in August. This funding round marked the largest in Indonesia's tech sector in four years and was priced higher than Ajaib's 2021 funding, when the company surpassed a $1 billion valuation.
SBI Holdings reportedly acquired a stake of approximately 20% in Ajaib, implying a post-money valuation of about $1.35 billion. The timing of the investment is notable, as startup funding in Indonesia has faced significant challenges, forcing many companies to lower valuations to secure new capital.
Ajaib has expanded its operations from a stock trading app to include Indonesian and US stocks, mutual funds, crypto, and stablecoins. Company co-founder and CEO Anderson Sumarli stated that the platform now has over 7 million accounts and has been profitable for several years.
While Ajaib is not the largest digital investment platform in Indonesia by trading volume, its substantial presence could be valuable for SBI's push into digital assets across Southeast Asia.