OnlinePajak Raises Over USD 25 Million In Series B FundingMarkets Insider #Warburg_PincusJune 12, 2019
The funding is led by Warburg Pincus, followed by Endeavor Catalyst and Global Innovation Fund;Â existing investors Alpha JWC Ventures, Sequoia India and Primedge also participated in the round.
OnlinePajak plans to use the funds to expand their business through innovation and providing better solutions to their users.
JAKARTA, Indonesia, Oct. 23, 2018 /PRNewswire/ –Â OnlinePajak, the largest provider of tax compliance solutions in Indonesia which aims to help companies to reduce their administrative burden through seamless tax management, has raised over USD 25 million in Series B funding.
The round, which was significantly oversubscribed, was led by an affiliate of Warburg Pincus, a leading global private equity firm, and participated by Global Innovation Fund and Endeavor Catalyst.
“OnlinePajak has built a market-leading technology platform to provide Indonesian taxpayers with a fast and user-friendly end-to-end solution to prepare, pay, and file their taxes.
We have been strongly impressed by the virality of the business and we believe that the company has tremendous growth potential â not only in helping businesses across Indonesia to operate much more efficiently but also in playing a key part in realizing the Indonesian government’s vision to broaden the country’s tax base,” said Jeffrey Perlman, Head of Southeast Asia from Warburg Pincus.
Founded in 1966, Warburg Pincus has invested over USD 68 billion in more than 825 companies globally and committed over USD 1.5 billion in Southeast Asia, including in the first unicorn startup in Indonesia, Go-Jek.
Sequoia India, which has invested in over 200 companies across India and Southeast Asia–including Indonesia’s Tokopedia and Go-Jek, also participated in the round, together with Primedge.
OnlinePajak is the first tax application that has implemented blockchain technology.
OnlinePajak was launched in September 2015 and approved by the Indonesian Directorate General of Taxes as an alternative tax application service provider.