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Stanford Grads’ Stock Trading App Is Indonesia’s Newest Unicorn

  • Robinhood backers DST Global, Ribbit, ICONIQ, IVP joined round
  • App founded by Stanford MBA classmates targets young traders
Yada Piyajomkwan, left, and Anderson Sumarli. 
Yada Piyajomkwan, left, and Anderson Sumarli. Source: Ajaib

Ajaib, an Indonesian online stock trading platform, reached a valuation of $1 billion after raising $153 million in a financing round led by DST Global, a venture capital firm that backed Robinhood Markets Inc.

The Jakarta-based company founded by Stanford MBA classmates Anderson Sumarli, 27, and Yada Piyajomkwan, 28, took two and a half years to reach unicorn status, making it the youngest startup to hit the milestone in the country. Joining the Series B round were existing investors Ribbit Capital, IVP and ICONIQ Capital -- all of which also backed Robinhood -- along with Insignia Ventures, Alpha JWC Ventures, SoftBank Ventures and Li Ka-shing’s Horizons Ventures.