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Go-Jek has IPO in its crosshairs: Bloomberg
Posted on Thursday, 07 December 2017 07:46
It seems as though Go-Jek has everything to play for as chief executive Nadiem Makarim told Bloomberg the Tencent Holdings-backed Indonesian start-up has set its sights on becoming a listed company.
Makarim said at the news provider’s Year Ahead Asia Conference in Jakarta today that an initial public offering (IPO) is definitely on the cards, “hopefully within the next few years”.
Go-Jek started out in 2010 as an on-demand motorbike taxi hailing application, battling rivals Uber and Singapore’s Grab for the lead in Southeast Asia’s biggest economy.
Head of marketing, Piotr Jakubowski, told CNBC in May the company has been successful by thinking outside the box, by actually targeting issues of moving around cities like Jakarta without getting stuck in traffic.
Jakubowski noted: “The regional, or the global guys, took a business that worked in other places and just implemented it in Jakarta. Fact of the matter is, it doesn't matter whose car you're sitting in, you still can't get anywhere.”
In fact, he credits Go-Jek’s rapid expansion from ride-sharing into areas such as logistics, food deliver and lifestyle by looking into this initial problem.
“That's where a lot of the expansion has started, you know, you take a look at food delivery, you take a look at logistics and courier services, you take a look at very local things like massage and cleaning.
“Having people coming to your house and clean your house. This was stuff that had kind of naturally progressed and now we've just become a one-stop shop for everything you need to get done," Jakubowski told CNBC.
Go-Jek is now focused on Indonesia’s online payment segment to tap into a consumer finance market that is, according to president Andre Soelistyo, who told CNBC in an interview in September, ripe for the picking.
The developer wants to make its digital wallet, Go-Pay, the country’s go-to mobile app for consumers looking to pay for anything and everything, ranging from coffee to tickets.
Bloomberg noted Go-Jek has already obtained an e-money licence to provide this kind of service in Indonesia – one of a handful of technology companies to do so – and now just needs to sign up online and offline merchants.
© Zephus Ltd