Indonesian ride-hailing giant Gojek gets an additional $300 million investment f...
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Indonesian ride-hailing giant Gojek gets an additional $300 million investment from existing investor
7 hours agoTelkomsel, a subsidiary of Indonesia's largest telecom operator Telkom, has invested an additional $300 million in ride-hailing and payment company Gojek.
Details: Telkomsel said their strategic partnership will “open up new synergies as the two companies scale up digital services and deliver new, innovative solutions.”
Andre Soelistyo, Gojek Group Co-CEO, said that the Telkomsel infusion "will strengthen the collaboration between the two companies, enabling both of us to leverage our technological resources and expertise to bring the benefits of the digital economy to consumers, driver partners, and small businesses across Indonesia."
Since the network provider wrote a $150 million check to Gojek in November 2020, the two sides have integrated multiple aspects of the service to accelerate the digitization of micro, small and medium enterprises, and bringing greater cost savings for driver partners.
Context: To better centralize resources to counter the rapid development of SEA Group and Grab in Southeast Asia, Gojek is finalizing its merger with Tokopedia, Indonesia's second-largest e-commerce platform. This $18 billion transaction will create a new entity called GoTo. Telkomsel’s investment today likely makes it one of GoTo’s top eight investors.
Gojek's Singapore counterpart Grab has announced its IPO through the merger with Altimeter Growth Capital, a special purpose acquisition company (SPAC). The deal will place a $39.6 billion valuation on Grab.
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