IDX-listed DIVA completes investment for 30% stake in mPOS startup Pawoon
Summary
According to an official release, which did not specify the financial details of the deal, the investment will see both companies expedite their business expansion more rapidly in the areas of technology development, product innovation as well as sales and marketing. Pawoon, meanwhile, offers a software and hardware solution to Indonesian small and medium enterprises, allowing businesses to manage their inventory and payment. The company, which raised its Series A funding round from local VC Kejora Ventures last year, claims to be utilised by more than 10,000 merchants, spread over 200 cities nationwide. “With DIVA’s rich product inventories, established infrastructure, nationwide market coverage and business connections, we intend to lever the inherent competitive advantage of Pawoon, enabling broader and quicker expansion. The investment received by Pawoon further heats up the competition in Indonesia’s mPOS space, which is seeing more capital being pumped into the industry, particularly following the $24-million funding secured by Moka in a round led by Sequoia India.