Indonesian O2O e-commerce startup Kioson (IDX: KIOS) today announced that it has formally acquired PT Narindo Solusi Komunikasi, a North Jakarta-based aggregator of e-vouchers and other digital services.
In a press statement, Kioson Managing Director Jasin Halim stated that the company has acquired 99 per cent shares in Narindo, and that it is meant to strengthen its bottom line.
“This acquisition plays a strategic role in strengthening our infrastructure in the region through assets belonging to Narindo. With Narindo’s focus as an e-voucher aggregator, Kioson will be able to maintain the company’s business from the upstream level. We expect that this will secure Kioson’s bottom line,” Halim stated.
Kioson implements an online-to-offline (O2O) concept where the startup is working with individual agents, usually in the form of kiosks or mom-and-pop stores, to help the under-served communities shop online.
For Narindo, becoming a part of Kioson will enable them to strengthen distribution of their digital services, as Kioson claimed to have secured “more than” 19,000 partner kiosks in Indonesia.
“We will [also] push for the diversification of our services through the Kioson digital platform. The greater the variety, the easier it is for people to fulfill their daily needs,” said Narindo CEO Bernard Martian.
Kioson’s shares on IDX closed at IDR1,090 (US$0.08) today, a 24.57 per cent (+215) increase from the previous price of IDR875 (US$0.06).
On the first day of trading, the price closed at IDR450 (US$0.03).
E-commerce startup M Cash is also set to begin trading on IDX on October 31. The company plans to offer up to 216,983,300 new shares or the equivalent of 25 per cent of its paid-up capital in the IPO, with price ranging from IDR1,300 (US$0.09) to IDR1,450 (US$0.10).