Indonesian delivery app Gojek has announced it will buy 5 percent of taxicab company Blue Bird, in an effort to stay competitive with rivals like Grab, according to a report by Bloomberg.
Gojek will pay around $30 million for the stake, which is about 20 percent more than where Blue Bird was trading in Jakarta on Monday (Dec. 16). The move would value the company at $600 million.
The two companies already have a relationship, as Gojek allows for the calling of Blue Bird taxis through its app. The move is strategic, as rival Grab and other companies continue to grow. Gojek is now the country’s most valuable startup and the partnership will help to continue its own growth.
On Monday (Dec. 16), shares in Blue Bird dropped almost 5 percent, which is the largest dip since the end of 2018. The company had rallied 29 percent at the end of last week.
In other Gojek news, the company is getting closer to finalizing a deal to purchase point-of-sale (POS) startup Moka for at least $120 million. Gojek is striving to be a digital payments trailblazer in Indonesia, sources said. The acquisition of Moka, also based in Indonesia, would be a boon for Gojek.
Moka’s cloud-based POS platform assists restaurants, coffee shops and retail outlets with handling payments. The Moka app enables merchants to accept debit and credit cards as well as mobile payments like Alipay. Analytics are provided to help business owners monitor sales and inventory, handle loyalty programs and oversee their workforce.
Moka was in talks with Gojek in the early part of 2019, before Gojek Co-Founder and Chief Executive Officer Nadiem Makarim stepped down in October to join the Indonesian president’s cabinet. Andre Soelistyo and Kevin Aluwi are now working as co-CEOs.
By the end of the year, Gojek is set to raise about $2 billion from companies like Google, Tencent and JD. The idea of an initial public offering (IPO) for Gojek has attracted global attention and is widely seen as a potential boon to the market.
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