Blibli.com, an Indonesian e-commerce site backed by GDP Venture, has acquired 100 per cent stake in online travel agent Tiket.com.
Financial terms were not disclosed, but founders said the deal was done in Rupiah.
Both Tiket and Blibli will continue operating their own brands upon acquisition. Synergies will be done only where its needed, with Blibli giving its full support to Tiket when it comes to inventory, sales, promotion – including social media penetrations – talent acquisition and team expansion.
George Hendrata, who is currently the chairman of specialty paper company BMJ, will be the new CEO of Tiket. The company expects 2 – 2.5 times business growth after the acquisition.
Commenting on the corporate action, co-founder of Tiket, Gaery Undarsa said that it was like “love at the first sight” with Blibli. They had so much in common, from culture to business vision.
“Before this we had been only backed by angel investors. We wanted to grow more and saw this (acquisition) as an excellent opportunity to achieve that exponential growth,” he told reporters in Jakarta.
There had been rumours circulating that Tiket was going to be acquired by GDP Venture – a VC firm affiliated with one of Indonesia’s wealthiest conglomerate groups, Djarum. But it appears that the acquisition will only bring Tiket entirely under Blibli and not the VC firm.
Blibli started operations in 2011, and is considered as one of the first e-commerce platforms in Indonesia. Blibli now has 15 product categories ranging from ticket and vouchers, gadgets, electronics, fashion, health and beauty, to sport gears and home decors.
Tiket.com was founded in the same year by Wenas Agusetiawan, Gaery Undarsa, Dimas Surya, and Natali Ardianto. As one of the first online travel startups in Indonesia (along with Traveloka), Tiket.com had never raised a venture capital round.
However, it is known that Tiket.com’s initial seed round was from an angel investor, rumored to be related to the family who owns the Emtek Group.