Djarum Group Hunts More Startups for Its Digital Empire

Djarum Group, an Indonesian conglomerate known for its tobacco and financial giants, is aggressively funding startups to expand its digital ecosystem. Recently, Djarum pumped money into the investment fintech startup PT Moduit Digital Indonesia (Moduit) in a pre-Series A funding round of US$4.5 million or more than Rp 65 billion (at exchange rate of Rp 14,500), led by Singapore's Reciprocus Moduit Holding (RMH). Djarum invests in Moduit through its subsidiary, PT Alto Network.

Throughout 2021, without any marketing support, Moduit's Assets Under Advisory (AUA) grew by more than 40 percent as the average investment value for Business to Customer (B2C) reached US$4,600 or Rp 66.7 million per client. The number of Moduit's Advisory Partners also grew by 74 percent, with an average portfolio value of US$ 60,000 or Rp 870 million per client. Armand Widjaja, CEO of Alto Network, said that as an initial investor in Moduit, the company welcomes the development of this startup business. "This is a good sign as economic conditions improve. We hope to see Moduit growing in Indonesia," he said in an official statement on Wednesday.