Gojek and Indonesian ride-hailing and food delivery company has acquired a payment startup called Moka for about $130 million. The transaction got completed last month with negotiations beginning last year.
The Jakarta based Moka, which is present in over 100 cities across Indonesia, provides point of sale and payment services to over 35,000 restaurants, coffee shops, and retail outlets.
Gojek acquiring Moka is in an effort to maintain its position in the country’s digital payments industry, and with the outbreak of the coronavirus causing less physical cash transactions and more digital payments, Gojek seems to be in the right spot.
The Moka app lets merchants accept debit and credit card payments or mobile wallets like WeChat Pay and GoPay. It also provides analytics to track sales and inventory, manage employees and run loyalty programs
Gojek, which is Indonesia’s most valuable startup worth $10 billion, said last month it had raised $1.2 billion for expansion. And Last month, Gojek’s co-CEOs and top management pledged to give 25% of their salaries over the next 12 months into a fund to support its drivers and merchants during the pandemic
Aldi Haryopratomo, CEO of Gojek’s e-payment unit GoPay, spoke at a Bloomberg TV interview saying “Regardless whether it’s good times or bad times, you have to build a really solid foundation of the business,”. “We are very lucky to have secured the funding as a group and we are in a position to execute it.”