Digital payment service firm OVO is Indonesia's fifth unicorn, minister says

JAKARTA (THE JAKARTA POST/ASIA NEWS NETWORK) - Digital payment service firm OVO has become the fifth Indonesian unicorn, as the company is now valued at more than US$1 billion (S$1.38 billion), according to Communications and Information Minister Rudiantara.

OVO followed in the footsteps of ride-hailing app Go-Jek, online booking platform Traveloka and e-commerce platforms Tokopedia and Bukalapak.

A unicorn is a start-up valued at over US$1 billion.

"Our target was to have five unicorns by the end of 2019. Welcome to OVO that has already become the new Indonesian unicorn," Mr Rudiantara said last Saturday (Oct 5) as quoted by Antara.

According to New York-based market intelligence firm CB Insights, the valuation of OVO was recorded at US$2.9 billion by March.

OVO is a digital payment product of PT Visionet International, the Lippo Group's digital financial services subsidiary.

Separately, OVO president director Karaniya Dharmasaputra did not confirm or deny its unicorm status when asked by reporters.

He, however, said he appreciated the minister's statement on OVO's unicorn title.

"We are thankful and appreciate the minister for making such a statement," Mr Karaniya said on Monday as quoted by Antara, without adding further details of the company's valuation.

OVO did not immediately respond when contacted by The Jakarta Post on Monday.