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Laxman Pai, Opalesque Asia: Axiata Digital Sdn Bhd, the digital services arm of Axiata Group Bhd, is selling its digital ventures portfolio at a valuation of US$140 million (about RM579 million) to Pegasus 7 Ventures Pte Ltd.
Axiata Group Berhad, a Malaysian telecommunications conglomerate, said in a statement that the sale involves ownership stakes in digital businesses such as India's largest rural commerce platform, StoreKing and global micro-insurance company BIMA.
"The portfolio is largely focused on companies that address the needs of under-served 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 (e-MVNO) segments," said the statement.
Pegasus, a Singaporean investment fund managed by Gordian Capital, is expected to drive the growth of the portfolio, accelerating value creation by scaling these companies and enhancing their access to global financial, strategic and operational partners.
Pegasus 7 founder and chief executive officer (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.
Gordian Capital is Asia's leading independent and institutionally focused fund platform specialist working with clients that include investment professionals, institutional inves...................... To view our full article Click here
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