Ivitech, a fintech startup, has launched a bike subscription service in Indonesia; the company has invested between $150,000 and $200,000 in launching a new market. A representative of Ivitech informed RB.RU about entering the new market.
“Indonesian cyclists have been riding bikes for 5-10 years, constantly fixing and having maintenance issues. Ivitech offers a vehicle underwriting service with increased ownership. This will increase the number of customers and make trips comfortable and safe for passengers,” the company said in a statement.
Ivitech estimates the size of the transport aggregator segment in Indonesia at $7 billion, in Southeast Asia at $13 billion. Initially, the company decided to focus on Indonesia as the largest market.
“Indonesia has complicated regulations, the requirements often contradict each other. After a few pivots, we adapted the processes and attracted the first partners and investments. Now our team is testing the model and plans to further expand it in other countries: Vietnam, Thailand, Singapore, Malaysia, the Philippines,” said Ivitech co-founder Artem Moskalev.
- The startup funds unbankable industries: ride-sharing, trunk logistics, vendors. Ivitech is the developer of a scoring model that predicts the creditworthiness and potential risk of default of companies. The founders of the startup are Artem Moskalev and Oleg Perevispa. The company is registered in Singapore.
- In March 2023, Ivitech raised investment from Kirov Group Ventures in exchange for a 4.1% stake. The funds from the transaction are used to increase the product line, develop a personal account and create a unique interface.
Author:
anastasia mariana
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
