Indonesia’s Gojek buys stake in local taxi operator Blue Bird for $30m

Gojek driver helmets are seen during Go-Food festival in Jakarta, Indonesia, October 27, 2018. REUTERS/Beawiharta

Indonesia’s on-demand services app Gojek purchased a minority stake in top local taxi operator PT Blue Bird for $30 million, people with knowledge of the matter said.

Gojek bought a 4.3% stake in Blue Bird from its holding company, PT Pusaka Citra Djokosoetono, said the people, asking not to be identified as the matter is private. Pusaka Citra sold more than 108 million shares of Blue Bird at 3,800 rupiah apiece, the company said in a stock exchange filing on Feb. 14 without identifying the buyer.

The deal confirms Bloomberg‘s earlier report that Gojek was close to an agreement to buy a stake in Blue Bird. A representative at Gojek and Blue Bird’s President Director Noni Purnomo declined to comment.

The deal builds on an existing partnership — closely held Gojek already offers taxi reservations for Blue Bird’s taxis on its app — as the companies face mounting competition from Singapore-based Grab Holdings Inc. Gojek, which is Indonesia’s most valuable startup, is also expanding into areas such as food delivery and digital payments.

Blue Bird shares traded at 2,340 rupiah on Monday, down 2.9% from Friday.

Bloomberg

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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).

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  • 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. 
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