Indonesia: Salim-Lotte launch $100m e-commerce JV; GMF AeroAsia lists on IDX

Photo: iLotte's Facebook page

Indonesian conglomerate Salim Group has teamed up with South Korean retail giant Lotte Group to launch iLotte, an e-commerce platform that will directly compete with the likes of Lazada, Blibli, MatahariMall, and JD.id. The companies have committed to invest $100 million in the new venture, according to media reports.

Meanwhile, aircraft maintenance firm GMF AeroAsia has now listed on the Indonesian Stock Exchange. The company raised just Rp 1.27 trillion ($95 million) from its IPO, much less than previously estimated Rp 5.5 trillion.

Salim Group and Korea’s Lotte join hands for new e-commerce venture

Salim-Lotte’s latest collaboration, online marketplace iLotte, was launched today as a mobile and desktop platform. It counts brands such as Clarins, Shiseido, Audi, Volkswagen, JBL, Canon, Nike, and LEGO.

Salim Group recently took over e-commerce site Elevenia from SK Planet, who decided to make an exit from Indonesia after a four-year long venture with XL Axiata, one of Indonesia’s largest telco firms. XL Axiata also sold its shares in Elevenia to Salim.

“This decision had been taken after careful consideration of various options that could add value to the firm. The sale will allow us to focus more on data provider, while support towards the e-commerce industry will continue through digital features we provide for our customers,” XL Axiata president director Dian Siswarini had said in a statement.

Salim Group has also recently partnered with NUS Enterprise to launch co-working space BLOK71 in Jakarta.

GMF AeroAsia lists on IDX

GMF AeroAsia was officially listed on the IDX board today, becoming the first Indonesian MRO firm that went public. The Garuda Indonesia subsidiary raised Rp 1.1 trillion from selling 2.8 billion shares, or equivalent to 10 per cent of its paid-up capital, at Rp 400 apiece.

The IPO was oversubscribed 2.6 times, the firm reported.

GMF is planning to raise more funds, offering up to a 20 per cent stake to strategic investors.

Also Read:

Indonesia’s GMF AeroAsia raises $95m in IPO, far less than planned

Indonesia startup Kioson IPO oversubscribed 10 times, shares rise 50% on debut

Indonesia: GMF AeroAsia allocates 10% for strategic investor in IPO; raises target to $422m

Exclusive: Alibaba, JD.com in talks to buy SK Planet and Axiata-backed 11street Malaysia

Singapore Reporter/s

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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. 
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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.