PETALING JAYA: Low-cost carrier AirAsia Group Bhd is taking over Gojek’s operations in Thailand through its digital arm AirAsia Digital Sdn Bhd in its bid to ramp up the AirAsia Super App in the Asean region.
This culminated after two months of talks between AirAsia and Gojek, Indonesia’s startup unicorn.
The acquisition, valued at US$50mil (RM208.1mil), will be wholly satisfied by the issue of shares in the issued share capital of AirAsia Super App, which will see Gojek holding 4.76% in AirAsia Super App.
This values the super app company at around US$1bil (RM4.16bil).
Group chief executive officer Tan Sri Tony Fernandes (file pic) said the announcement was the start of a “tremendous long-term strategic partnership with Gojek which is sure to rock the industry”.
“By taking on Gojek’s well-established Thai business, we’ll be able to turbo-charge our ambitions in this space to become a leading Asean challenger super app.
“We already have a complete digital economy ecosystem. We have successfully established over 15 different non-airline products and lifestyle services on our digital e-commerce platform in Malaysia.
“Now it’s time to take it to the next level. In response to overwhelming regional demand, we are setting our sights on bringing our super app offerings to all of our key markets, following the successful rollout in Thailand, ” he told a virtual press conference yesterday.
Fernandes added that AirAsia’s digital businesses are going from strength to strength and through this alliance, their goal of becoming the Asean super app of choice is becoming a reality.
The announcement yesterday came exactly a week after BigPay – AirAsia’s card-based money app – submitted its application for a digital banking licence from Bank Negara with Malaysian Industrial Development Finance Bhd (MIDF), Ikhlas Capital and a foreign conglomerate with fintech expertise as its strategic partners.
Asked if AirAsia’s digital business could one day surpass its airline business, Fernandes said the potential is there.
“Our first target is 50:50 and the potential for our digital business to outpace our airline business is there. It’s up to us to execute.
“And in the long term, maybe digital will be separated from the airline (business). There’s a whole lot of ideas, ” he said.
Fernandes pointed out that AirAsia’s digital journey was inspired by Gojek and he is trying to emulate them.
“The forefather of low-cost airline was Southwest. I took their model along with Ryanair and easyJet.
“Gojek in Asean was really the first kind of super app and others have emulated them. We have a lot to learn and our speed and growth can be accelerated through the relationship with Gojek.
“This relationship is not about Thailand but it’s about learning how Gojek can build their operation in Thailand which has been modelled on a very successful operation in Indonesia and Singapore, ” he said.
Gojek chief executive officer Kevin Aluwi said the deal is a testament to the accomplishment of Gojek’s team in Thailand, which grew the business from nothing to an on-demand service provider in the country.
“The business was built on a huge amount of talent and passion and we will, of course, work closely with our Thai employees as well as AirAsia through this transition.
“AirAsia Digital and the AirAsia Super App will become a highly valued partner for us as we share the same goal to provide users with better services, while enhancing the livelihoods of drivers and merchants, ” he said.
He added that the deal will enable Gojek to pivot its focus on international markets towards Vietnam and Singapore, which provides them with the best return on investment and strategic growth opportunities.
The Gojek app will continue to operate for existing users in Bangkok through to July 31, 2021 to ensure stability for Gojek drivers and merchants – who will be invited to onboard the AirAsia Super App in coming weeks.
In a statement, AirAsia said it will work with the existing Gojek team in Thailand, which will operate the Gojek business during the transition period before moving over to the AirAsia super app, bringing local market expertise and a deep understanding of Thai user needs to the business.
Meanwhile, on the fundraising efforts for AirAsia’s digital arm, Fernandes said BigPay is closing a transaction while AirAsia Digital president Aireen Omar is working on two deals.
“AirAsia will be making some announcements, I hope next week, regarding financing. And the Danajamin loan is being processed as we speak, ” he said.
AirAsia closed three sen lower at 89.5 sen yesterday with 30.82 million shares traded.
Source : https://www.thestar.com.my/business/business-news/2021/07/08/digital-journey-turbo-charged