IFC Pours 451 Billion Rupiah into AnterAja's Parent Company

PT Adi Sarana Armada (IDX: ASSA), or logistics platform AnterAja's parent company, received funding from the International Finance Corporation (IFC). The value is at $31 million or around 451 billion Rupiah. Previously, that consortium under the World Bank also invested in insurtech startup PasarPolis earlier this year.

The investment is obtained through the purchase of convertible bonds, it is debt securities that can be exchanged into shares at an agreed ratio. In this case, the bonds will be listed on the capital market for two years without interest -- through a rights issue by ASSA.

One of the company's post-funding main focus is to improve its logistics business and transportation network connectivity. AnterAja was particularly mentioned, as its development is expected to provide benefits for MSMEs amidst the rapid growth of the e-commerce business in Indonesia.