Telkomsel Shares Soar after Injecting IDR 2.1 Trillion into Gojek

Telkomsel announced its investment in Indonesia’s decacorn startup, Gojek. The investment provided is USD 150 million or equivalent to IDR 2.1 trillion. With this investment, the two companies agreed to collaborate to strengthen Indonesia’s position as the country with the largest digital economy in Southeast Asia.

This investment will support the two companies to work together in accelerating digital transformation in the country. The reason is, Gojek and its services are used by millions of consumers and driver-partners. Meanwhile, Telkomsel as the largest cellular operator in Indonesia has more than 170 million subscribers.

With this collaboration, Gojek and Telkomsel will strengthen their digital services and encourage innovation and new products, and increase the convenience of users and SMEs. This collaboration will also open up various other collaboration opportunities that take advantage of the combined scale of the two companies so that they can reach millions of Indonesians throughout the archipelago.

The synergy through the technology and ecosystems of the two subsidiary companies will also accelerate digital transformation in Indonesia. Gojek and Telkomsel users can look forward to several initiatives that will provide more benefits and convenience, such as new products developed together, as well as innovative programs that can provide cost savings such as joint promotions and product bundling.

Better Financial Position for Gojek

The two companies will also collaborate in the field of digital lifestyles and develop digital advertising technology solutions that can be utilized by businesses at various business scales. In addition, Gojek and Telkomsel also work together in the field of talent empowerment through experience exchange and professional skills development programs as an effort to improve technological human resources in Indonesia.

Andre Soelistyo, Co-CEO of Gojek Group, said that he is proud to collaborate with Telkomsel as the largest industry player in the telecommunications industry.

“The digital economy in Indonesia is driven by the development of mobile devices (mobile-first market) so that if the leading players in the technology and telecommunications industry collaborate to take advantage of existing resources, Indonesia’s digital economy can be accelerated to a higher stage (leap frog),” said Andre.

According to Andre, the investment from Telkomsel will put Gojek in a stronger financial position to encourage better growth.

Both Companies Have the Same Vision

Furthermore, President Director of Telkomsel, Setyanto Hantoro said, the collaboration between Telkomsel and Gojek originated from the same vision from both parties, namely to reinforce the position of local players as hosts in their own country.

“We believe that collaboration with Gojek will improve an inclusive and sustainable digital ecosystem, even though we are still facing challenging situations in the midst of a pandemic,” he said.

On the same occasion, President Director of Telkom Indonesia Ririek Adriansyah believes that this collaboration can provide great added value potential in developing a digital service business.

“This collaboration is also in line with the vision and mission of TelkomGroup to orchestrate the strategy of strengthening synergy value that has been running between the two companies, which will have a positive impact and strengthen TelkomGroup’s business portfolio in accelerating the digital economy in Indonesia,” said Ririek.

Shares of PT Telekomunikasi Indonesia (Persero) Tbk. immediately strengthened at the start of the market opening Tuesday (17/11/2020) after its subsidiary, PT Telekomunikasi Selular aka Telkomsel, officially announced its investment in Gojek.

Based on Bloomberg data, as of 9:15 am, the shares of the issuer coded as TLKM gained 3.26 percent to 3,180 per share, after opening at 3,100 levels. Meanwhile, trading before TLKM closed higher at the level of 3070. Shares of the state-owned issuer strolled in the green zone, even touching the level of 3,170, the highest position in the last three months. Also, today is the second day of the rally for TLKM.