GOJEK close to acquiring East Ventures-backed mPOS startup Moka for over $100m

Photo: Moka

Indonesia’s ride-hailing and payments unicorn GOJEK is set to acquire local mobile point-of-sale (mPOS) startup Moka, DealStreetAsia has learnt.

The deal, which will be a combination of cash and equity, is likely to be worth over $100 million, two industry executives aware of the deal told us.

DealStreetAsia has reached out to GOJEK for comment.

Responding to our query, Moka said: “It is a rumor and we do not comment on market speculation. Moka is partnering with GO-PAY to complete our payment ecosystem and provide more cashless payment options to our merchants. With this partnership, our merchants will be able to accept digital payments (OVO, DANA, GO-PAY, LinkAja, Kredivo, Akulaku) directly from Moka POS.”

KrAsia first reported the deal on Wednesday.

Founded in 2014 by Haryanto Tanjo and Grady Laksmono, Moka provides an end-to-end POS and payment solution that caters to small and medium businesses in Indonesia. It offers an Android/iOS app used by store cashiers and a web back-office that allows store owners to access data such as sales reports, inventory, and customer feedback in real-time.

The startup claims to cater to over 18,000 stores across multiple verticals and process about $1 billion in annualized transactions. Besides its reach, its expansion into payments and business loans for merchants — offered in partnership with other fintech firms — make it an attractive target for GOJEK.

Moka had raised a $24-million Series B funding round in the second half of last year, becoming only the third company in Southeast Asia to have both Sequoia Capital and SoftBank on its cap table. Its other investors include Singapore’s EDBI, East Ventures, EV Growth, Mandiri Capital, Convergence Ventures and Fenox VC.

GOJEK has been the most active unicorn acquirer in the region, buying as many as 12 startups since 2016. The companies acquired include local payments company MVCommerce, ticketing platform Loket and adtech firm Promogo–all bought to expand GOJEK’s array of services–and Indian companies C42 Engineering, Pianta and AirCTO to ramp up the ride-hailing giant’s engineering capabilities.

Most recently, it picked up a minority stake in Indian cloud kitchen startup Rebel Foods, which owns brands such as Faasos, Lunch Box and Oven Story.

GOJEK’s acquisitions in the payments space include offline payments firm Kartuku, payment gateway Midtrans and payment and lending network Mapan. All three firms were acquired in 2017. In January, it picked up a stake in Coins.ph, a blockchain-enabled mobile wallet startup in the Philippines.

In terms of its size and scope, the GOJEK-Moka deal is fairly reminiscent of Grab’s acquisition of payments startup Kudo — incidentally also backed by East Ventures — in 2017. That deal was said to be worth $80-100 million and was also a mix of cash and equity.