Go-Jek completes acquisition of VC-backed Moka
Indonesia’s Go-Jek has completed its acquisition of Moka, a local financial technology provider with several VC backers, in a deal estimated to be worth $130 million.
It sets up liquidity events for Sequoia Capital India, SoftBank Ventures Asia, Convergence Ventures, East Ventures, Fenox Venture Capital, Mandiri Capital, and EDBI, all of which contributed to a $24 million Series B round for Moka in 2018.
Previous investors also include Wavemaker SEA and Northstar Group, an early backer of Go-Jek. Northstar first invested Go-Jek as part of a Series B in 2015 and is said to have recently achieved a partial exit. Openspace Ventures, previously a VC affiliate of the private equity firm, contributed to Go-Jek’s Series A.
The acquisition comes as Go-Jek brings capital raised in its latest expansion effort to almost $3 billion, according to Reuters. The ride-hailing and online-to-offline services giant was expected to raise $2 billion at a valuation of $10 billion when it launched its Series F in 2018. The round has attracted numerous large investors, including Sequoia, KKR, BlackRock, Visa, and Google.
“Since day one, our mission has always been to empower small and medium businesses to grow,” Haryanto Tanjo, CEO and co-founder of Moka, said in a social media post. “With Go-Jek, we can now accelerate this mission and enable our merchants to access the millions of users on Go-Jek as well as create a better product experience for both users and merchants.”
Moka specializes in cloud-based software for point-of-sale terminals that is compatible with popular handheld devices. The company allows small to medium-sized enterprises (SMEs) to manage payments, invoices, loyalty programs, and revenue reports, as well as sales and customer data. This service will be integrated into Go-Jek’s SME system GoBiz but continue to operate under its own brand.
Fintech services have become an increasingly important aspect of Go-Jek operations as the company as diversified. The business, which began as a motorcycle taxi service in 2010, has gone on to position itself as Southeast Asia’s largest mobile-on-demand and digital payments platform with a footprint across some 200 cities in five countries. Its payments vertical processed transactions worth $6.3 billion in 2018.
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