Ajaib

History

2021: Raising $153 million, estimated at $1 billion

In early October 2021, the Indonesian company Ajaib, developing the online stock trading platform of the same name, achieved an estimate of $1 billion just two and a half years after its launch.

As part of the financing round, Ajaib raised $153 million from a group of investors led by the Yuri MilneradST Global Fund. Existing investors who have also joined the funding round include companies such as Ribbit Capital, Horizons Ventures, Iconiq Capital, IVP, Insignia Ventures, Alpha JWC and SoftBank Ventures Asia. With an estimate of $1 billion, Ajaib became the seventh unicorn to appear in Indonesia.

Yuri Milner Foundation invested in Ajaib stock trading platform

Ajaib co-founder and CEO Anderson Sumarli says the company plans to use the proceeds to hire talented product professionals and engineers, and this funding will help launch new products to attract even more investors.

Our mission is to attract a new generation of investors to modern financial services. Indonesia still has only 1% penetration of stock investors. We are just beginning to realize our mission, "said Anderson Sumarli, co-founder and CEO of Ajaib, in a statement.

Most Ajaib users are millennials and representatives of Generation Z, who first learn about investing and managing their fortunes. Ajaib is often compared to US online broker Robinhood Markets, which also has several sponsors in common with Ajaib.

The number of stock market investors in Indonesia has grown significantly during the 2020 pandemic. The Indonesian Stock Exchange reported that by the end of August 2021 there were almost 2.7 million stock accounts in the country.

Ajaib stated that 1 million such accounts were on its platform by October 2012. The company also reported more than 32 million transactions in 2021, ten times more than in 2020, making it the third largest broker in Indonesia.^[1]

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