Bangkok Bank hops on to Gojek cap table after secondary market deal

Photo by Afif Kusuma on Unsplash

Thailand’s Bangkok Bank has emerged as one of two new names to have joined the cap table of Indonesian ride-hailing giant Gojek, after acquiring a small stake in the unicorn through the secondary market.

According to a July 13 corporate filing obtained by DealStreetAsia, Bangkok Bank appears to have purchased 17,303 (or 1 per cent) Gojek shares from existing shareholder GSL Indonesia Ltd.

Singapore firm Kendall Court Cambridge Investment Management Ltd is the other company to have acquired 175 (0.01 per cent) shares from GSL Indonesia.

Following the transaction, GSL Indonesia, a subsidiary of Indigo Asia Pte Ltd wholly owned by Gojek commissioner George Raymond Zage III, holds a 0.5 per cent stake in Gojek.

The deals pave the way for GSL to make a partial exit from Gojek in which it made its first investment in 2018 as part of the unicorn’s Series E round that gave it a post-money valuation of about $8.6 billion.

Gojek now commands a valuation of $11-12 billion.

Bangkok Bank also becomes the second Thai bank to own a stake in Gojek, after its peer Siam Commercial Bank invested in Gojek’s Series F fundraising in July.

However, despite coming in later and through a secondary sale, Bangkok Bank holds a bigger stake in Gojek than Siam Commercial Bank, which currently owns only a 0.6 per cent interest in the Indonesian company.

For a deep-dive into Gojek’s shareholding structure, funding, investments and acquisitions, check out the latest exclusive Unicorn Report from DealStreetAsia – Research & Analytics.

As part of its investment in Gojek, SCB will partner with Gojek Thailand (formerly known as GET) to enable seamless payment experiences and create a more vibrant ecosystem for Gojek users, drivers, merchants, and partners in Thailand.

While it is still unclear whether the deal to acquire Gojek shares will entail any strategic partnerships with the company, it follows Bangkok Bank’s acquisition of an 89.12 per cent stake in Indonesian counterpart Bank Permata for $2.7 billion from UK-based Standard Chartered Bank in December last year. The deal counts as the largest purchase of an overseas lender by a Thai bank.

Meanwhile, on its home turf, Bangkok Bank this year launched digital international payment service Bualuang, as well as BBL BeWallet, which provides QR code cross-border payment services via a mobile application.

Gojek first launched an operation in Thailand, using the GET brand, in February 2019. It offers motorbike ride-hailing, parcel and food delivery, as well as payment services in the country. As of February 2020, it claimed 2.2 million download and achieved 20 million bookings as of June.

Earlier this year, Gojek announced its plans to consolidate and rebrand its Thailand and Vietnam operations under the main Gojek brand, as part of an effort to establish a new international technology platform, which will allow users to gain access to Gojek services across Singapore, Indonesia, Thailand and Vietnam.

The company is expected to strengthen and expand its international presence following the $1.2 billion fundraise from undisclosed investors in March. It has since also bagged another unspecified amount of funding from Facebook and PayPal, which brings its Series F round to over $3 billion.

Gojek’s rival Grab has also been making significant headway in Thailand over the past year. In July last year, Grab rolled out an e-wallet function with Thai lender Kasikornbank, which had invested $50 million in the company the previous year with a plan to use Grab data to offer loans to drivers and merchants.

The intense rivalry between the two tech giants, however, may be coming to an end in the near future. As we have reported last week, talks of potential merger between Grab and Gojek have gained steam over the past few months, with Grab-backer SoftBank and other investors from both sides pushing for a deal.

It is understood that market buzz around this development has increased the appetite for secondary market transactions in Gojek and Grab shares. This has seen some of the early investors from both companies, who had been attempting to offload shares at significant discounts in the private secondary market, pull back, or seek higher prices, DealStreetAsia has learnt.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.