Gojek to Focus on Vietnam and Singapore Expansion, Selling Its Thailand Branch to AirAsia
Gojek's Thai business was sold to AirAsia at $50 million (approximately 700 billion Rupiah) with additional share mechanism
Low-cost carrier AirAsia officially acquired Gojek's Thai business as a solid step into the digital business. As part of this agreement, Gojek will receive 4.76% of AirAsia's super app service stake.
As reported by Nikkei Asia, the deal was taken as AirAsia exploring delivery growth in Thailand. Gojek alone wants to shift its regional business focus to Vietnam and Singapore.
According to AirAsia's disclosure quoted by Nikkei, AirAsia's super app business is worth $1 billion (around 14 trillion Rupiah), while Thailand's Gojek is worth $50 million (around 700 billion Rupiah).
AirAsia's CEO, Tony Fernandes assessed that Gojek's business in Thailand is well established and can accelerate the company's efforts to become a super app challenger in the Southeast Asian region.
"Gojek's services in Thailand will operate until the end of July, while our platform will start operating in August. We ensure that there will be no redundancy from the transition of these two businesses," Tony said.
Meanwhile, Gojek's CEO, Kevin Aluwi said that his action to discharge the ride-hailing business in Thailand was a strategic step to reshape its regional business after the merger with Tokopedia to GoTo. He said, Gojek is unable to fully commit to the resources there.
Kevin thought that the business divestment in Thailand would allow Gojek to lead the market in Vietnam and Singapore by increasing its investment portion. He said that his team had been exploring this agreement since two months ago.
"After considering the product development and our team, we decided to prioritize investment in Vietnam and Singapore considering the scale of Gojek's business in these two countries. We believe we can find the right partner with the resources we have. We remain fully committed to growing Gojek's market outside Indonesia," he said.
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