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Venturra Capital's Raditya Pramana: Bear market "very close now"

Indonesia · May 10, 2019· By Putu Agung Wija Putera

Venturra Capital partners (L-R): John Riady, Rudy Ramawy, and Raditya Pramana

In an interview, the Indonesian VC firm's newest partner also charts out the course for their new fund, Venturra Discovery 

The Lippo Group-backed Venturra Capital has turned its focus to young startups – with a new fund of US$15 million and smaller ticket sizes – hoping to spot Southeast Asia’s next Go-Jek or Traveloka early in the game, as it readies for a bear market to come.

“Historically… the best performing portfolio companies in Venturra's [previous] Fund I are the ones where we came in early on,” explained Raditya "Adit" Pramana, a partner of the Jakarta-based VC firm. 

Named Venturra Discovery, the new fund mostly backs Indonesian startups in their seed to Series A rounds, with sizes around US$200,000500,000. It launched in September 2018 with three investments already closed: hospital and clinic management platform Medigo; Ekrut, an IT recruitment and headhunting platform; and Club Alacarte, a loyalty platform for high-end restaurants and lifestyle outlets; all from Indonesia. Antler, a venture builder based in Singapore, is the latest addition to the portfolio.

Two other Venturra Capital partners also jointly head Venturra Discovery, namely, John Riady, the 33-year-old heir to the Riady family business empire that includes the US$8 billion Lippo Group conglomerate; and Rudy Ramawy, Google’s former founding country director for Indonesia.

Speaking to CompassList, Adit noted that startup valuations are at record highs as star unicorns like Uber and WeWork rush to go public this year. But post-IPO, valuations have been plummeting as investors rush to cash out. “Lyft listed at US$80; yesterday it was [trading at] US$58," he said. "It's brutal, but it's better for them to list at that value rather than a lower number. I see that people are trying to get out.”

Edited by Bernice Tang and Suzanne Soh

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