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The other unknown is what influence, if any, Makarim continues to wield on Gojek, and how he will fare in the political arena. He now sits at Jokowi’s table but was allowed to keep his stake in the company, with Gojek calling him a “passive shareholder”. “[Makarim] has managed many people and built a big … Read more
Armed, during that period, with a similar demographic composition to what Indonesia will witness this decade, the manufacturing boom in China led to impressive economic growth. A similar pattern also occurred in South Korea earlier. This helped propel both nations upwards in the ranks of countries globally by gross domestic product (GDP). Secondly, there is … Read more
TPG said it expected to deliver commercial services to customers in 2018. It gave a rosy forecast of reaching a 5%-6% market share within a “short period of time” on the back of the “excellent value of the offerings that it will bring to the market”. However, it took till the end of 2018 for … Read more
Yeoh’s US ties also played a key role in MaGIC’s three-year partnership with Stanford University. It helped to launch the [email protected] programme in late 2014—a total of 142 entrepreneurs from 57 startups participated in a two-week immersion initiative at Stanford University and Silicon Valley. But she couldn’t stay. In early 2016, Yeoh left the … Read more
Grab is the proxy for SoftBank’s efforts to tap Southeast Asia’s growth potential. Although its Vision Fund hasn’t made further investments in the region, CEO Masayoshi Son has described the $100 billion vehicle as a collection of winning tech companies that will work closely together. OYO tried to crack Southeast Asia before without success, now … Read more
Go-Jek meanwhile, has taken a distinctly different route with its GoVentures fund. “GoVentures is an independent venture capital fund, focusing on investments and partnerships with early-stage technology businesses in Southeast Asia,” a spokesperson said via email. Go-Jek added that the fund was sector-agnostic. Like Grab, the central thesis is to find and support companies that … Read more
“The relationship potentially limits the company’s trajectory if you’re starting to get tied to one of these ride-hailing companies’ platforms,” the industry source added. “It possibly makes it tough to find acquirers in the future as you’re more dependent on that platform.” Still, the deal was vital for HappyFresh, which operates in a business with … Read more
The sole remaining outsider was AirAsia. The Malaysian budget airline’s Indonesian branch only accounted for a slim 2-3% of domestic flights, but when Lion Air Group and Garuda made a pact to stop selling discounted seats, the cheap tickets still offered by AirAsia on a few routes stood out. So, Garuda, leveraging its status as … Read more
Gojek offered on-demand food delivery alongside personal transportation on motorcycle taxis. This multi-service fleet proved so effective in Indonesia that its rival Grab also adopted the model later. It’s less of an advantage in cities that don’t have motorcycle taxis. But in Indonesia, where this mode of transportation is common, it allowed delivery platforms to … Read more