Investree
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Investree (PT Investree Radhika Jaya) was an Indonesian peer-to-peer lending platform connecting small businesses with lenders. In October 2023 it announced a Series D round of about $231 million anchored by Qatar's JTA International Holdings. Indonesia's Financial Services Authority (OJK) revoked its business license on October 21, 2024, after it failed to meet minimum equity requirements and its performance deteriorated. Former CEO Adrian Gunadi resigned in January 2024 after admitting he had diverted company funds to his personal account; he later became a fugitive, named in an Interpol red notice for alleged financial crimes.
02 / Investree FAILURE REASONS
Failure factors
Kontan (22 Oct 2024) quoting OJK's Ismail Riyadi: PT Investree Radhika Jaya's license was revoked mainly for violating minimum equity and other POJK 10/POJK.05/2022 LPBBTI rules, plus deteriorating performance disrupting operations/public service; after warnings and business-activity restrictions, management and shareholders failed to meet requirements or fix problems by the deadline (corroborated by OJK EN press release synopsis on ojk.go.id).
violated minimum equity and other LPBBTI (POJK 10/2022) provisions.
declining performance disrupted operations and public services.
Management/shareholders failed to restore minimum equity / secure strategic investor by deadline.
03 / EVENT HISTORY
Events in the structured record
- Liquidation
OJK revoked PT Investree Radhika Jaya's P2P lending license on 21 Oct 2024 (KEP-53/D.06/2024 per OJK PR) and required GMS to form a liquidation team and dissolve the legal entity.
- Liquidation
14 Mar 2025 GMS decided to dissolve and liquidate; OJK approved liquidation team (Letter S-107/PL.11/2025); liquidators Narendra Tarigan, Imanuel Rumondor, Syifa Salamah.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In October 2023 Investree raised about $231 million in a Series D round anchored by JTA International Holdings with SBI Holding participating.
- 02
On October 21, 2024 OJK revoked Investree's business license, ordered it to cease all operations, froze its assets, and required shareholders to form a liquidation team within 30 days.
- 03
Former CEO Adrian Gunadi resigned in January 2024; OJK blocked his bank accounts, traced his assets, and barred him from key roles in financial institutions, with legal proceedings underway.