By Aastha Maheshwari
The used phone commerce site had last raised over $1.8 million in seed funding in 2015.
Funding is one of Alibaba’s largest investments after its infusion of over $2b in total in Lazada.
The private equity firms have hired an adviser to find a buyer for their combined stake of nearly 69 percent in Solusi Tunas Pratama Tbk PT (STP).
Alpha JWC Ventures, Convergence Ventures, KIP, MNC and SMDV also participated.
Investment for exploration in Indonesia shrank to $100 million in 2016 from $1.3 billion in 2012.
Startup frontier markets including Indonesia and Malaysia are on track to beating 2016’s total of 1,500 VC deals.
Indonesian rewards & loyalty platform MEMBER.ID has closed a seed round.
Prominent niche players include Fabelio (furniture) and Laku6 (used phones).
Aavishkaar has invested in three Indonesian companies since it entered the country in 2015.
The project is estimated to be worth around $523 million.