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Nov 06, 2024

Granite Asia, INA Investing Up To $1.2 Billion To Drive Indonesia’s Digital Transformation

Jenny Lee, Granite Asia senior managing partner. Granite Asia (formerly GGV Capital Asia) has partnered with the sovereign wealth fund Indonesia Investment Authority (INA) to invest as much as $1.2

Jenny Lee, Granite Asia senior managing partner.

Granite Asia (formerly GGV Capital Asia) has partnered with the sovereign wealth fund Indonesia Investment Authority (INA) to invest as much as $1.2 billion to help accelerate the digital transformation of Southeast Asia's largest economy.

The Singapore-based venture capital firm—which rebranded as Granite Asia in March after splitting with its U.S. counterpart—said Monday its investments in Indonesia will focus on both equity and hybrid capital solutions for Indonesian businesses with existing operations as well as those introducing technologies that can benefit the country in the long-term.

“This collaboration with INA presents a unique opportunity for us to combine Granite Asia’s global expertise in technology investing with INA’s deep local insights and strategic vision for Indonesia,” Jenny Lee, senior managing partner of Granite Asia said in the statement. “We recognize the immense potential of Indonesia's rapidly evolving economy and technology ecosystem and are excited to partner with INA to help accelerate this transformation.”

With assets under management of $5 billion, Granite Asia is managed by veteran investors Jenny Lee and Jixun Foo—who are long-time managing partners of GGV Capital and frequently listed among the world’s top venture capitalists by Forbes. Besides managing existing tech startup investments across Australia, China, Japan India and Southeast Asia, Granite Asia plans to venture into new asset classes such as private equity and debt to cater to the evolving needs of businesses and investors.

The firm has stakes in 48 companies valued at over $1 billion and has facilitated 29 IPOs, including that of Singapore-based ride-hailing giant Grab. The group’s portfolio also includes investments in Indonesian unicorn e-fishery, which uses cloud-based smart-feeding technology in the country’s fish and shrimp farms.

Established in 2021, INA is the country's sovereign wealth fund managing assets totaling $10.2 billion with a mission to drive sustainable development and build long-term wealth through strategic investments.

“This partnership will enable us to introduce transformative technologies to Indonesia, facilitating the digital transformation of key sectors and strengthening the broader technology ecosystem,” Ridha Wirakusumah, CEO of INA said.