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South Korean institutional investors including Naver-Mirae Growth Fund and LINE Ventures will invest $33 million on Jakarta-based online grocery platform HappyFresh, hoping that it would become the next Grab Holdings Inc.
The amount is over half of the $65 million it is targeting in the latest funding round.
Other investors were STIC Investments, which is is putting in $7 million, its affiliate STIC Ventures, who would invest $3 million, LB Investment, and Won & Partners.
They valued HappyFresh at $205 million, according to investment banking sources on Thursday.
Grab Holdings Inc. is a Southeast ride-hailing app that is preparing for a Nasdaq listing later this year.
Naver-Mirae Growth Fund and LINE Ventures also led the Series C round funding in the Indonesian online platform to raise $20 million in 2019.
HappyFresh, founded in 2014, is regarded as Indonesia's version of Market Kurly, which is South Korea's leading online grocery delivery service.
It has expanded its coverage in Thailand and Malaysia.
South Korean venture capital firms have set their sight on Indonesia after targeting Vietnam.
Earlier this month, Naver invested $150 million in Indonesia’s largest technology, telecom, and media conglomerate, Elang Mahkota Teknologi or Emtek.
