Stanford Grads stock exchange app is Indonesia’s newest unicorn

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(Bloomberg) – Ajaib, an Indonesian online equity trading platform, reached a valuation of $ 1 billion after raising $ 153 million in a funding round led by DST Global, a capital company -risk which supported Robinhood Markets Inc.

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The Jakarta-based company founded by Stanford MBA classmates Anderson Sumarli, 27, and Yada Piyajomkwan, 28, took two and a half years to achieve unicorn status, making it the youngest startup in the world. cross the course in the country. Existing investors Ribbit Capital, IVP and ICONIQ Capital – all of whom have also backed Robinhood – have joined Series B, along with Li Ka-shing’s Insignia Ventures, Alpha JWC Ventures, SoftBank Ventures and Horizons Ventures.

The rising valuation reflects the enthusiasm of retail investors in the world’s fourth most populous country, triggered by PT Bukalapak.com’s record initial public offering in August. Its successful debut set the tone for other tech IPOs. GoTo, the country’s largest tech startup valued at $ 18 billion, is expected to follow early next year.

“Bukalapak’s IPO has shown tremendous interest from millennials and millennials,” Sumarli, CEO of Ajaib, said in an interview. “Our vision is to bring a new generation of investors to modern financial services so that they can benefit from the nation’s capital markets and growth.”

Ajaib – which means magical – took hold during the pandemic as smartphone-savvy young people first turned to e-commerce. About 59% of retail investors who trade on the local exchange’s electronic platform C-Best are under 30 in Indonesia. Only 2.7 million people, or 1% of the population, trade stocks in the country.

The startup plans to use the funds to recruit 100 engineers as well as product and data staff over the next six months, adding to its workforce of 200, the CEO said. It also plans to improve its application and offer credit facilities for margin trading to certain investors. Ajaib allows investors to buy and sell stocks and mutual funds.

“Ajaib’s success represents the growth and strength of Indonesian technology and financial markets,” Chandra Tjan, general partner of Alpha JWC Ventures, said in a statement.

Sumarli and Piyajomkwan launched Ajaib as a Robinhood-like platform targeting new millennial investors in Indonesia. In 2020, Winston Lays joined as co-founder and CTO. A graduate of Y Combinator, Ajaib raised $ 2.1 million in seed funding from SoftBank, Insignia Ventures and Alpha JWC in 2019. He raised a total of $ 243 million in 2021, including the funding round announced on Monday. .

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