Tokopedia Business Development-New Retail lead Gary Christian (right) with a Mitra Tokopedia user

Several media reports announced that Indonesian e-commerce giant Tokopedia has invested in Lippo Group-backed e-wallet platform OVO.

According to a Tech In Asia Indonesia report, an anonymous source said that Tokopedia has acquired an undisclosed amount of shares in OVO.

Both companies had declined to comment on the report.

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In October 2018, Tokopedia and OVO announced a partnership that will see OVO’s e-wallet service being available on Tokopedia’s platform, replacing TokoCash as a primary payment feature.

OVO said that the partnership has enabled it to become the largest mobile payments platform in Indonesia by transaction volume and reach.

The company expected to add in Tokopedia’s 80 million monthly active users and four million merchants to its existing user base of 60 million.

More on this story as it develops.

Image Credit: Tokopedia