Ajaib Startup Becomes the New Unicorn from Indonesia

Ajaib startup just confirmed a new status as unicorn, after closing a series B round funding of over IDR 2.1 trillion led by DST Global. This value is slightly higher than the rumored at the end of September.

This funding brings the total amount Magic raised to $243 million. He explained further, in this series B round, previous investors, namely Ribbit Capital, Alpha JWC Ventures, Insignia Ventures, Horizons Ventures, and SoftBank Ventures Asia, participated.

DST Global and Ribbit Capital are investors of Robinhood, a similar platform from the United States. Often coded Magic with Robinhood proves that the advancement of technology and capital market capabilities in Indonesia is able to compete with the global market.

Ajaib Group Co-founder & CEO Anderson Sumarli said Ajaib will use this fresh fund to massively recruit top talent and conduct educational campaigns to inspire more budding investors.

“Our mission is to welcome a new generation of investors to modern financial services,” Anderson said in an official statement, Monday (4/10).

Has 1 Million Investors Since Its First Established

The company currently has 1 million retail investors shares, since it was first founded two and a half years ago. This achievement is very rapid because Indonesia only has 2.7 million stock investors.

“The growth in the number of retail stock investors in Indonesia has never been this fast in the history of Indonesia, so it is certainly the first step to build the strength of young Indonesian investors who can change the nation’s future.”

General Partner at Alpha JWC Ventures Chandra Tjan said, “Ajaib’s success is a clear testament to the growth and strength of Indonesia’s technology and capital market.” The company also stated that they are proud to be part in building the country’s digital economy.

“This startup has built world-class products using modern technology to serve the Indonesian younger generation in entering the capital market. We‘re very proud to be walking with Ajaib in their mission to democratize access to investment for all,” said Thomas Stafford, DST Global Managing Partner.

Committed to Improving Financial Literacy in Indonesia

On the same occasion, last month Ajaib also announced the appointment of Andi Gani Nena Wea, one of the President Commissioners of BUMN, as the President Commissioner of Ajaib.

As is known, according to the results of a survey by the Financial Services Authority (OJK) in 2020, the level of financial literacy in the capital market is still relatively low at 4.9% and the inclusion rate is only 1.6%.

The company has been committed to providing financial education, especially in the investment sector through the Stock Generation Program that has been carried out with the IDX in various regions with low financial literacy.

To date, the program has reached 26 cities, from the capital to Papua. This startup also conducts an online education every day as a form of its commitment to increase the financial literacy and inclusion, especially for the capital market.

PT Ajaib Sekuritas Asia was able to reverse the position of a net loss of IDR 2.5 billion in the first semester of 2020 to a net profit of IDR 4.54 billion in the first semester of 2021. One of the supporters of the “miracle” of financial performance was the significant increase in share transaction income.

Based on financial reports, Ajaib Sekuritas pocketed revenue of IDR 30.58 billion in the first six months of this year. The income increased by 12.696% compared to the same period last year of IDR 239.02 million.

Ajaib Sekuritas’ revenue was supported by revenue from exchange transaction activities which reached IDR 64.14 billion in the first semester of 2021. This number also increased significantly by 14.443% compared to the first semester of last year which was only IDR441.05 million.