Dimo is Reportedly Acquired by Traveloka Group Last Year
It is through a shell company based in Singapore
Marsya Nabila - 11 May 2020
Traveloka is reported to have acquired the payment system startup based on the QR code Dimo Pay Indonesia (Dimo) early last year. A trusted source who avoid being published told DailySocial said the acquisition process was through a shell company (special purpose vehicle / SPV).
It is the same method when Traveloka acquired Pegipegi and two other OTA startups under the auspices of Recruit Holdings in early 2018. Unlike Gojek, Traveloka chose not to include its branding for each company acquired.
We absorbed the information from SEAcosystem.com – a collaborative worksheet that was initiated by a number of Southeast Asia’s venture capitalists to help related layoffs this year. All data included on the site is voluntary.
There are some of Dimo employees affected by layoff linked their company name with the Traveloka Group. We also tried to contact Dimo, unfortunately, there is no feedback until the news release.
Dimo was founded in 2016 under the Sinar Mas Group, specifically SMDV. Currently, Dimo is led by Grégory Soetrisnardi, while CTO Christoforus Yoga Haryanto comes from Traveloka.
In addition to Dimo, under the company’s legal entity there are two other operating products, Uangku and Cashbac. All products are engaged in fintech with different segments.
The acquisition by Traveloka answers the question of Uangku as an electronic money payment option in its application. However, we are yet to receive confirmation whether Cashbac has also been acquired by Traveloka.
Dimo runs payment services based on QR code system using Pay by QR jargon. They move agnostically aka QR codes contained in merchants can receive various sources of funds from affiliated electronic money applications.
The relationship between Traveloka and Sinarmas’ subsidiary also applied for PayLater services with Danamas. Danamas confirmed the affiliation between the two companies was limited to a business agreement. There is no stock investment by Traveloka.
In the Traveloka application, there is a QR code scan that is used at Traveloka Eats merchant partner locations, Traveloka booths at airports and shopping centers, and events held by Traveloka. There is also a privilege to enter tourist attractions without having to print physical tickets.
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The pandemic has hit the tourism sector with the sharpest decline compared to other sectors. In addition to Dimo’s layoff scheme, Airy, which is often associated with Traveloka, has announced a business termination as of the end of May.
Original article is in Indonesian, translated by Kristin Siagian
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