Indonesian Wi-Fi rental startup Passpod to raise US$2.6M via IPO | Digital Asia
Digital Asia News Update
Passpod aims to get listed on IDX by end of this year. The startup aims to launch new verticals following the IPO
PT Yelooo Integra Datanet Tbk., the company behind Indonesian Wi-Fi rental and travel assistance service Passpod, today announced its plan for an IPO on the Indonesia Stock Exchange (IDX) by the end of this year.
The company aims to raise IDR40 billion (US$2.6 million) by issuing 130 million shares or the equal of 34.21 per cent of all allocated capital.
“We plan to allocate the funding for business development, research and development (R&D), and working capital to purchase modems and power banks,” Passpod Managing Director Hiro Whardana explained at a public expose event in Central Jakarta.
Passpod will allocate 68.10 per cent of the funding to procure billing management system and SIM bank devices, 3.69 per cent for R&D, and 28.21 per cent for working capital to purchase modems and power banks.
The company will also issue 78 million Series I Warrant, priced between IDR500 and IDR750, which will be given for free as an incentive.
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Whardana said that the funding raised through the warrant will be used as working capital to support the company’s regional expansion plan.
In addition to providing Wi-Fi rental service for outbound travellers in Indonesia, Passpod’s services also include travel services, artificial intelligence, and big data.
Using virtual SIM technology, its Wi-Fi rental service is available for use in 70 countries.
Whardana said that the company’s Wi-Fi rental service is a “foundation” for its upcoming business verticals.
“Once a traveller is able to fulfill their needs for connectivity, there will be other needs that we can help accommodate. For example, buying on-the-spot attraction ticket using Rupiah on the Passpod app,” he explained.
“After the IPO, there will be other services that Passpod is going to provide in the future … such as event ticketing, intinerary builder, e-commerce, travel insurance, and many more,” he continued.
The startup claimed to have secured 100,000 users and 32,420 rent days in 2017 alone.
Image Credit: Passpod
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