Privy, a Jakarta-based startup that provides universal identity and digital signature services, has raised $48 million in a Series C funding round anchored by private equity giant KKR and backed by existing investors MDI Ventures, GGV Capital, and Telkomsel Mitra Inovasi.
New investors, including Singtel Innov8, also participated in the funding round that will help the Indonesian startup develop new consumer and enterprise products and accelerate its digital transformation, among others, according to KKR’s announcement.
Through its platform, Privy enables users and enterprises to digitally sign and transfer documents online with an integrated audit trail by using electronic identity verification technology that works across platforms.
It is the first and only digital signature player that passed the Indonesian central bank’s regulatory sandbox. It operates in the digital identity solution market that is expected to grow from $23.2 billion in 2020 to $49.5 billion in 2026, according to data from Statista.
The startup said it has more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, and processes more than 40 million digital signatures per year.
In October last year, Privy raised $17.5 million in a Series B funding round led by GGV Capital. The round also saw the participation of Endeavor Catalyst, Buana Sejahtera Group, and existing investors MDI Ventures, Telkomsel Mitra Inovasi, Mandiri Capital, and Gunung Sewu Group.
KKR is making its investment from its Asia Next Generation Technology strategy. The firm has declined to provide further details on the transaction.
Privy is KKR’s latest growth technology investment in software in Southeast Asia and adds to recent investments in the region, including GrowSari, a business-to-business e-commerce platform serving small and medium enterprises in the Philippines, and KiotViet, a merchant platform for SMEs in Vietnam.
“We look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond,” said Louis Casey, KKR’s growth technology lead in Southeast Asia.
KKR’s other recent growth technology investments in the broader Asia-Pacific region include Education Perfect, an education software platform in New Zealand; dataX (formerly From Scratch), an internet software and services company in Japan; NetStars, the operator of Japan’s largest QR code payment gateway; and Livspace, a Direct-to-Consumer home renovation platform with a presence in India and Singapore.