Axiata Digital to sell its digital ventures portfolio

  • Business
  • Wednesday, 01 May 2019

Analysts had said Axiata would have to accept the offer unless it was able to find a partner to fund a counterbid since M1 was a non-core asset. The 28.67% stake comprises 265.41 million shares.

KUALA LUMPUR: Axiata Digital Sdn Bhd has entered into an agreement to sell its digital ventures portfolio at a valuation of US$140mil to Singapore-based investment fund, Pegasus 7 Ventures Pte Ltd.

Axiata Digital is the digital services arm of Axiata Group Bhd.

The sale consists of ownership stakes in category-leading digital businesses such as India’s largest rural commerce platform, StoreKing, and global micro-insurance company, BIMA.

“The ventures portfolio is largely focused on companies that innovatively address the needs of

underserved consumers and encompass services such as micro-insurance, online-to-offline (O2O)/rural commerce, e-commerce, last mile solutions for banks and e-mobile virtual network operator segments,” Axiata said in a statement today.

Pegasus 7 founder and CEO Gautam Saxena said it was a pleasure to partner with Axiata Digital on a portfolio which addresses emerging market needs, with distinct solutions and innovations for those in the lower income groups.

“These companies are poised to scale significantly and create value for their stakeholders while

continuing to make positive impacts in underserved communities,” he said.

Axiata Digital CEO Mohd Khairil Abdullah said Pegasus 7 understand its vision, markets and portfolio companies which was built to focus on the company’s ecosystem of telco and digital assets.

“We strongly believe this handover will ensure the assets continue to thrive through access to our customer base, joint marketing and other synergistic activities,” he said.

Axiata Digital will continue to focus on its three core verticals of digital financial services (Boost), digital advertising (ada) and digital platform (Apigate). — Bernama

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