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SoftBank Shareholders Push For Grab, Gojek Deal In Indonesia
https://www.pymnts.com/news/partner...olders-push-for-grab-gojek-deal-in-indonesia/
Investors are asking SoftBank to help align Southeast Asia’s ride-hailing unicorns Grab and Gojek, The Financial Times reported, citing sources.
In the past 18 months, both startups were vying for new customers, especially in Indonesia, the world’s fourth-most populous country and the most profitable market for the two firms. Gojek, headquartered in Jakarta, is backed by Tencent and Google, among others. Grab, based in Singapore, counts SoftBank and Microsoft among its investors.
“The forces at play here are higher than simply what Grab or Gojek want — or indeed don’t want. This is about a number of long-term influential shareholders in both companies who want to either stem the losses or find a way to exit their investments,” said one Grab investor.
Talks between the two competitors have been ongoing for two years, but there is a “new urgency,” the sources said.
Although SoftBank founder Masayoshi Son recently went to Jakarta for “exploratory discussions,” the sources said it’s “unclear” what kind of deal SoftBank is looking for. Son said last year that “rescues” are now part of the past. The talks point to the changing environment in Asia, where profits were given a backseat to the growth of entrepreneurs and investors.
https://www.pymnts.com/news/partner...olders-push-for-grab-gojek-deal-in-indonesia/
Investors are asking SoftBank to help align Southeast Asia’s ride-hailing unicorns Grab and Gojek, The Financial Times reported, citing sources.
In the past 18 months, both startups were vying for new customers, especially in Indonesia, the world’s fourth-most populous country and the most profitable market for the two firms. Gojek, headquartered in Jakarta, is backed by Tencent and Google, among others. Grab, based in Singapore, counts SoftBank and Microsoft among its investors.
“The forces at play here are higher than simply what Grab or Gojek want — or indeed don’t want. This is about a number of long-term influential shareholders in both companies who want to either stem the losses or find a way to exit their investments,” said one Grab investor.
Talks between the two competitors have been ongoing for two years, but there is a “new urgency,” the sources said.
Although SoftBank founder Masayoshi Son recently went to Jakarta for “exploratory discussions,” the sources said it’s “unclear” what kind of deal SoftBank is looking for. Son said last year that “rescues” are now part of the past. The talks point to the changing environment in Asia, where profits were given a backseat to the growth of entrepreneurs and investors.
