Communication and IT Minister Rudiantara speaking at the World Conference on Creative Economy in Nusa Dua, Bali, on Wednesday. (Photo courtesy of the Communication and Information Technology Ministry)

IT Minister Says OVO Is Indonesia's Fifth Unicorn


OCTOBER 05, 2019

Jakarta. Communication Minister Rudiantara said on Saturday that Indonesia's target of having five unicorn startups this year has been achieved, with the latest being digital payment company OVO.

"I express gratitude because our target to have five unicorns by 2019 has been achieved. Congratulations to OVO, a company which was founded in Indonesia," Rudiantara said during an event in Jakarta.

A unicorn startup refers to a private company with a valuation of over $1 billion.

OVO is a fintech startup under the Lippo Group that builds a digital platform for simple payment and smart financial services, with thousands of affiliated merchants and business partners and multi-million members in its ecosystem.

The other four Indonesian unicorn startups are ride-hailing company Gojek, travel service firm Traveloka and two e-commerce giants, Bukalapak and Tokopedia.

Rudiantara said he had verified earlier media reports about OVO's unicorn status by talking to the company himself.

"I have talked to its founder and it [the unicorn status] was confirmed," he told reporters.

Rudiantara said another Indonesian startup may join the unicorn list before the end of the year, but he declined to mention the name of the company.

However, he did not issue a denial when a reporter asked if the company in question runs an education application. 

"It's possible. The government spends 20 percent of the state budget on education and another five percent on healthcare. Why wouldn't there be unicorns in both sectors?" he said.

The Jakarta Globe and OVO are both affiliated with the Lippo Group.