Indonesia’s Gojek has filed trademarks for new business entities that could see the super app giant expand into live video conference, financial management, corporate services and electronics repair.
Gojek and two of its subsidiaries have registered trademarks and logos for GoStream, GoFin, GoServices and GoGadget, based on trademark filings at Indonesia’s Directorate General of Intellectual Property. Under Indonesia’s trademark rules, the public has until August 3 to challenge Gojek’s applications.
Trademark and logo registrations do not always lead to actual products and services. Companies sometimes register for strategic purposes and to support medium to long-term plans. But Gojek’s latest applications raise the possibility of an escalation of the region’s years-long super app battle between the Indonesian firm and Singapore-based rival Grab.
In its application, Gojek has described GoStream as a software-as-a-service (SaaS) application that “facilitates multimedia teleconference and video conference” with the ability to send and receive short messages and electronic mail. Its logo comprises a camera icon inside a pink circle. The application is designed to work with a variety of authentication methods such as artificial intelligence, fingerprint identification, face recognition and voice recognition.
GoFin, registered by Gojek subsidiary Gofin Karya Anak Bangsa, is intended to be a financial management service that allows users to purchase and administer insurance protection, invest in assets, and access financing and banking services, among others. The application will also facilitate virtual financial consultation with experts.
GoService and GoGadget are registered directly under Gojek. GoService is envisioned as a curated platform for agents offering a number of corporate services, including tax accounting, advertisement placement, marketing, business licensing and permits, vehicle licensing and product licensing. GoGadget is described as an app for the “installation, maintenance and repair” of mobile phones, tablet computers and other types of computer hardware.
Gojek had not officially responded to DealStreetAsia queries on these new services by publication time.
GoStream could be part of Gojek’s broader video strategy. The brand is registered under Produksi Kreatif Anak Bangsa, which also owns the trademark for Gojek video streaming service GoPlay. The video streaming arm on Monday confirmed raising independent funding led by ZWC Partners and Golden Gate Ventures. The round was joined by Openspace Ventures, Ideosource Entertainment and Redbage Pacific. DealStreetAsia had last week reported the firm’s plans to raise capital and that it had secured around $15 million from Southeast Asian investors.
GoPlay’s declared authorised share capital includes 327,164 Series B shares, but the company has only issued about 13.1 per cent of that declared capital. Based on the $15 million raised, GoPlay could potentially seek to raise around $100 million of Series B capital in total.
As of June 2, Gojek controlled 78.4 per cent of Produksi Kreatif, followed by Hamsey Holdings with 7 per cent; K9 Industries (6.7 per cent); and OSV Oscar Holdings (5.2 per cent).
It remains unclear what GoStream’s “video conference” service would look like. It could take a form similar to live-streaming services such as Periscope or Twitch, short videos like Tiktok, or video conferencing like Zoom or Skype. Whatever the form, consumption of online content has shot up as a result of the COVID-19 pandemic. Total Twitch consumption in April jumped to 1.8 billion hours, up 47 per cent month-on-month and double year-on-year, according to TwitchTracker.
GoFin is one of the few subsidiaries where Gojek does not hold a controlling stake. Katalis Digital Nusantara, or DKatalis, is the largest shareholder in Gofin with 30 per cent ownership, according to a March 24 corporate filing. Gojek controls 25 per cent, followed by Singapore-based Lion Glory (10.7 per cent), Genie Wish (9.3 per cent) and Garibaldi Thohir (7.5 per cent), among others.
Thohir is a president commissioner at Gojek. He is also the CEO and a top shareholder at Indonesian mining giant Adaro Energy. His younger brother, Erick Thohir, sits in President Joko Widodo’s cabinet, alongside Gojek co-founder Nadiem Makarim as a minister.
DealStreetAsia understands from sources close to Gojek that GoFin will play a part in managing projects and partnerships tied to all financial services under the parent super app. It is not clear whether GoFin will appear as a tile on the Gojek app. On Monday, Gojek’s payment arm, GoPay, announced a partnership with GoVentures-backed Pluang to launch GoInvestasi, an app to trade gold.
On its website, DKatalis said it aims to create technology-based financial services “at the back of Indonesia’s super-app.” The company has operations in Jakarta, Singapore and Pune.
DKatalis is 85 per cent owned by veteran banker Jerry Ng, who in January acquired majority ownership in Bank Artos together with a group of investors that included Patrick Sugito Walujo, the co-founder of Gojek’s early backer, private equity firm Northstar Group. At the time, speculation was rife that Bank Artos would become Gojek’s digital banking arm, something that Walujo had denied. Ng’s significant ownership in GoFin, however, suggests that some synergy between Gojek’s financial management app and Bank Artos is likely.
Ng is credited for successfully leading Bank BTPN. In his capacity as president director, which lasted for 10 years until his exit in February last year, Ng managed to grow the bank’s total asset value by more than 10 times. His former deputy, Djemi Suhenda, now holds 15 per cent stake in DKatalis. He also serves as GoFin president director.