A new unicorn rises as OVO's $1bn valuation confirmed

Indonesia

2 min read

Sep 23, 2019

By Putu Agung Wija Putera

The Lippo Group subsidiary continues to grow in strength as it battles for market share with Gojek’s e-wallet and others

Cashless payments company OVO has become Indonesia’s fifth unicorn, easily surpassing the US$1bn valuation mark that defines such a tech rarity and joining a club that includes one of OVO's financial backers, e-commerce marketplace Tokopedia. According to a report by Finance Asia, citing a person with knowledge of OVO's finances, the company was last valued at US$2.9bn after its latest funding round.
Launched in 2016, OVO’s e-wallet allows users to pay at many merchants, including supermarkets, F&B outlets, and even online marketplaces. OVO is also the payment partner for Grab in Indone...

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Edited by Vincent J Morkri

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