As a product of Lippo Group’s venture builder, OVO was established in 2017 and has received investments from Grab and e-commerce unicorn Tokopedia.
The reason for Lippo Group to sell some of its shares was because it was not strong enough to "burn money" with free services and discounts to "cash back" provided by OVO.
Having received an e-wallet license since 2017, OVO has been actively promoting discounts and giving "cash back" to attract users.
A survey revealed that 58 percent of respondents like to using OVO as their favorite digital payment application.
“We still hold 30 percent of the remaining shares. So they do not take off entirely,” founder and owner of Lippo Group, Mochtar Riady, said.