Telkomsel Adds Investment to Gojek IDR 4.3 Trillion & Service Integration

Telkomsel, an Indonesian telecommunication company, officially increased investment in Gojek by US$ 300 million or around IDR 4.3 trillion. This company invested in Gojek with IDR 2.1 trillion on November 2020.

This investment is supported by the Singtel Group and Telkom Indonesia. President Director of Telkomsel Setyanto Hantoro said the additional funding was part of Telkomsel’s strategy to strengthen the digital business.

He also said that the corporate action was part of Telkomsel’s strategy to strengthen the trifecta of digital businesses, namely digital connectivity, digital platforms, and digital services.

Aims to Multiply Collaborative Efforts

Gojek Group Co-CEO Andre Soelistyo added that the continued investment was aimed at increasing strategic collaborative efforts between the two companies.

“This will clearly optimize the resources and technology expertise of each company to innovate and expand the benefits of the digital economy for more consumers,” he said.

In the first investment last November, Telkomsel, and Gojek integrated several digital services. The integration of MyAds with GoBiz, for example, allows Gojek’s UMKM partners to expand business access to the Telkomsel customer ecosystem.

Then, there is a special data package for Gojek driver-partners called the Swadaya Package. Then, more than 20 thousand Telkomsel outlet partners or resellers are available on the GoShop service.

Telkomsel and Gojek also collaborate in co-marketing for game services through Telkomsel Dunia Games and GoPay.

Telkomsel’s additional investment in Gojek would make it one of the eight largest investors in Decacorn, accourding to a Routers source.

There were several large investors who participated in the Gojek funding previously, such as parent Google, Alibaba, Alphabet, and SoftBank. The additional investment is done by Telkomsel after the news that Gojek and Tokopedia e-commerce will merge soon.

Rumored has it that the combination of the two is said to be called GoTo. A source from Bloomberg said that Gojek will own 58% of GoTo’s shares, while Tokopedia will have the rest.

Later, the company will have three business units called Tokopedia e-commerce, ride-hailing under the auspices of Gojek, and financial services, Dompet Karya Anak Bangsa aka DKAB.

CLSA Sekuritas estimates that the market capitalization value of the merged company is around US$ 35 billion – US$ 40 billion (IDR 504 trillion – IDR 576 trillion).

The value of both company when merge exceeds Telkomsel’s holding company, Telkom, which has a valuation of IDR 329 trillion. However, their valuation is still below BCA and BRI (which is around IDR 838 trillion and IDR 585 trillion).

The Investment Resulted in Several Collaboration Services

In the first investment last November, Telkomsel and Gojek integrated several digital services. First, Telkomsel provides a special data package for Gojek driver partners called Paket Swadaya.

At the end of last year, this package was available starting from Rp. 25 thousand which included a bonus data quota of 3GB to 20GB, phone calls, and free 500 SMS to fellow Telkomsel numbers and free access to the Gojek application.

Second, integrating Telkomsel MyAds with GoBiz which allows Gojek’s UMKM partners to expand business access to the Telkomsel customer ecosystem.

You do this by creating, sending, and monitoring business advertising campaigns through MyAds. Telkomsel also prepares periodic promotions, especially for Gojek partners who use the MyAds service. GoBiz is a special super app for Gojek business partners.

MSME partners can independently organize promotions to attract more customers, provide a choice of non-cash payment methods, as well as record orders, and auto-recap all transactions and business management supported by quick reports integrated with Point of Sale.

As of March, GoBiz is working with hundreds of thousands of business partners in various sectors including the culinary, retail, and other sectors.