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XL Axiata and SK Planet will announce Elevenia investors

Tinuku ~ XL Axiata and SK Planet will announce investors to in the near future. XL Axiata CEO Dian Siswarini said the fundraising process for Elevenia will be completed in the near future where the company is selecting investors to continue the development of Elevenia in the future. Elevenia is one of the digital business lines owned by XL.

Tinuku XL Axiata and SK Planet will announce Elevenia investors

"The plan will be completed in August and we will also determine what steps will be taken for XL's digital business," Siswarini said at a press conference on Friday, June 16, 2017.

"Fundraising for Elevenia has been running for the last three months and is still in the next step of business analysis phase," said Siswarini.

Siswarini also stated that the company will continue to strive to maintain the survival of Elevenia's e-commerce company. Elevenia is a joint venture of XL Axiata with South Korean telecom company SK Planet.

Siswarini said so far investors are enthusiastic, so XL feel the need to sort. The Elevenia business, founded in 2014, has grown by more than 50 percent annually. But until now Elevenia has not generated significant revenue.

"Internet companies are not only measured by revenue, but more toward how many active users and visitors, as well as other factors are different than the telecommunications business," said Siswarini.

Previously, XL said there were already some investors who were interested in Elevenia. The background of this investor varies, ranging from e-commerce actors to venture capitalists. However, Siswarini is still reluctant to mention the proposed investment offer.
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