Forbes Indonesia - July 2019

16 | FORBES INDONESIA JULY 2019

AGRITECH startup TaniGroup announced in late

May that it had received a Series A funding of $

million to further support its business growth. Singa-

pore-based venture capital fund Openspace Ventures

led the financing round, along with Intudo Ventures,

Golden Gate Ventures, as well as The DFS Lab, which

is a fintech accelerator funded by the Bill and Melin-

da Gates Foundation.

TaniGroup said that the investment will help the

company to accelerate its effort in expanding services

across Indonesia and developing new products. The

new round of funding complement Pre-Series A in-

vestment worth million dollars that the company pre-

viously secured from Alpha JWC Ventures and several

angel investors in early 2018.

"In the near future, we want to invite other agricul-

ture startups to collaborate because Indonesia’s agricul-

ture space is still large and very traditional,” said Ivan

Arie Sustiawan, CEO and co founder of TaniGroup.

Established in mid-2016, TaniGroup operates agri-

culture e-commerce TaniHub and peer-to-peer (P2P)

lending provider TaniFund. Currently, it has part-

nered with more than 25,000 local farmers across the

country. It also operates five regional offices and dis-

tribution hubs in Jakarta, Bogor, Bandung, Yogyakarta

and Surabaya.

“TaniHub is building innovation into a massive

sector, barely touched by digitization, a true Opens-

pace. We look forward to working with the TaniHub

team in creating a deeper technology platform and

broader reach,” said Openspace Ventures Partner

Shane Chesson.

TANIGROUP RECEIVED $10 M SERIES A FUNDING

Updates

COURTESY OF GARUDA INDONESIA; COURTESY OF TANIHUB

GARUDA ORDERED TO RESTATE ITS 2018

FINANCIAL REPORT

tion that will be imposed on directors and commissioners who had signed off on the

results. The regulator also freezes the audit company permit for 12 month for passing

the annual report.

The airline, in a written statement, said OJK's decision was premature and it

would need to reexamine the different interpretation in the annual report, underlin-

ing that the company declined of committing financial engineering.

Indonesia’s financial service regula-

tor OJK has ordered the country’s

airline flag carrier Garuda Indonesia

to restate its 2018 financial report

and will impose fines to the company

and directors. The restatement has

to be done within two weeks. The

order and sanction was given after

representative from Chairul Tanjung’s

Trans Airways as one of the com-

pany’s major private shareholders

questioned the airline’s 2018 results

and alleged it misrepresented a $

million financial transaction - a claim

the airline rejected.

OJK said Garuda and its directors

would each be fined Rp100 million, in

addition to another collective sanc-