SEA Digest: Privy acquires AyoPajak; Betargo Ventures backs Infinite Roots

SEA Digest: Privy acquires AyoPajak; Betargo Ventures backs Infinite Roots

Jakarta-based Privy has acquired tax application service provider AyoPajak, while Thailand’s Betargo Ventures has invested in German alternative proteins company Infinite Roots.

Indonesia’s Privy acquires local tax service provider

Privy, an Indonesian startup that provides universal identity and digital signature services, has acquired tax application service provider AyoPajak in an undisclosed deal signed on February 1.

AyoPajak, formally known as PT Garda Bina Utama, is among the few providers approved by the Indonesian government to report tax returns.

Privy CEO Marshall Pribadi said AyoPajak is Privy’s first acquisition. “Going forward, it is hoped that AyoPajak can develop into a market leader in the digital tax administration sector in Indonesia,” he said.

“Hopefully, this acquisition will be our first step in creating a digital ecosystem where users can use a one-stop tax administration service equipped with a certified electronic signature which can make it easier to report taxes,” AyoPajak CEO Andreas Saryadi said.

The tax application service provider will be known as AyoPajak by Privy going forward.

In an earlier interview with DealStreetAsia, Privy revealed its plan to expand to Australia following a $48 million Series C funding round by private equity giant KKR, MDI Ventures, GGV Capital, and Telkomsel Mitra Inovasi. In total, the firm has raised more than $71 million to date.

Thailand’s Betargo Ventures invests in German foodtech firm

Thailand-based food producer Betargo’s corporate venturing arm Betargo Ventures has participated in German alternative proteins company Infinite Roots’s Series B round.

The $58-million funding round was led by Dr Hans Riegel Holding, while Betargo Ventures, European Innovation Council (EIC) Fund, and REWE Group participated along with existing investors, according to a release.

Founded in 2018, Infinite Roots (formerly Mushlabs) is a biotech company which uses fermentation and fungi to create the next generation of sustainable alternative proteins. The company aims to enter the world food production chain and expand the alternative protein market.

Infinite Roots raised $10 million in its Series A funding round in 2020.

Edited by: Joymitra Rai

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