In a move that has been likened to that of Ant Financial, the Southeast Asian fintech group is busy raising the target amount and separating its business from its parent company, FinanceAsia has learnt.
A Grab-Gojek consolidation has always been the talk of the town, given overlapping business similarities, but never taken seriously – until now. There are two outcomes that seem the most likely, but an M&A is not one of them.
Extending the ‘growth at any cost’ model is over, as backers call for investments that deliver profits faster. Gojek’s reported cash injection into Indonesia’s Blue Bird Taxi has the potential to flip the script on the region’s biggest private companies.
The jump by the Indonesian ride-hailing unicorn’s co-founder and CEO into politics may upset investors. Nadiem Makarim's timing is inopportune given that Gojek is mid-fundraise for its domestic and international operations.
The Hong Kong-based gaming hardware company plans a global expansion of its payments arm. Lim, who has held executive positions at GIC, MAS and within the Singaporean civil service, could prove a useful ally.
Dana CEO Vincent Iswara aims to prove ‘first-mover’ theory wrong. With backing from the Alibaba affiliate plus plans to raise more capital, his company represents a credible threat to existing players.