PT M Cash Integrasi Tbk (MCAS), a subsidiary of PT Kresna Graha Investama Tbk (KREN), announced that it had signed a Sales and Purchase Agreement (SPA) with Kejora Ventures to sell “some portions” of its shares at PT Distribusi Voucher Nusantara Tbk (DIVA).

The investment is led through InterVest Star SEA Growth Fund I, a fund co-managed by Kejora and InterVest and backed by a group of partners that includes Korea Development Bank, Korea Venture Investment Corporation, NH Investment & Securities, Industrial Bank of Korea, and Barito Pacific Group.

The transaction will see that a representative of the fund appointed to sit on the board of DIVA.

Kejora and InterVest have a combined AUM of more than US$1 billion, claiming to hold a leading position in venture capital firms sector. Both companies manage strategic assets and portfolios of technology companies in various industries such as fintech, supply chain, e-commerce, and human capital.

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DIVA aims to enable SMEs by equipping them with technology and products.

“With such a strong partner and backer, DIVA can create a comprehensive offering to our partners, especially small and medium Indonesian enterprises. From our current offerings of digital products, payment enabler, and banking services, we look forward to expanding into financing, logistics, artificial intelligence, Internet of Things (IoT), fulfilment, and supply chain,” said Dian Kurniadi, Director of DIVA.

Recently, DIVA just acquired 30 per cent shares in Pawoon, a POS SaaS, and said that they intend to work together on product development and innovation to support sales and marketing for small- and medium-sized enterprises (SMEs).

M Cash itself was one of the first two Indonesian startups to get listed on the Indonesia Stock Exchange (IDX).

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