SEA Digest: Modalku's loan disbursements jump 70%; GoFood's Vietnam business grows

Online lending platform Funding Societies, known as Modalku in Indonesia, posted a 70% growth in loan disbursements in H1 2022 while Gojek, Southeast Asia’s on-demand platform, posted a growth in users and sales of GoFood in Vietnam.

Modalku loan loan disbursements up 70% in H1

Online lending platform Funding Societies, known as Modalku in Indonesia, disbursed 7.2 trillion rupiah ($480.47 million) worth of loans in the first half of 2022 to SMEs in five countries — Indonesia, Singapore, Malaysia, Thailand and Vietnam. This is a 70% increase from the 4.2 trillion rupiah ($280.27 million) disbursed in the first six months of last year.

In Indonesia, most of Modalku’s loans were disbursed to online merchants and SMEs in the logistics and processing industries. The company has over 230,000 retail lenders and institutional lenders. Around 63% of the lenders were from Indonesia and around 53% of them were millennials, the company said.

In February 2022, the company raised $144 million in a Series C+ round and $150 million in debt to fuel its regional expansion.

Funding Societies also announced an investment in Indonesian lender Bank Index in April 2022 along with Southeast Asian auto marketplace Carro. Then, it acquired online card payments startup CardUp for an undisclosed amount as part of efforts to expand payments services.

Gojek sees growth in GoFood’s Vietnam business

Gojek, Southeast Asia’s on-demand platform, recorded a growth in the business performance of GoFood in Vietnam.

In the first half of 2022, the average sales of GoFood merchants in Vietnam almost tripled year on year (yoy), with merchants in Hanoi recording sales of almost five times while in Ho Chi Minh City, the increase was more than double.

The number of users in Vietnam transacting on GoFood also increased 66% year on year. The number of new users grew by 35%, with the increase in Hanoi almost five times higher than in Ho Chi Minh City.

While, the average value of GoFood orders in the first half of 2022 grew by 23% yoy, despite prices of food items on GoFood largely remaining the same.

“The growth in sales of our GoFood merchants shows strong economic recovery in Vietnam, particularly in urban centres such as Ho Chi Minh City and Hanoi. As more people are now relying on online platforms for their everyday needs, food merchants that can leverage the power of digital services have a great opportunity to grow their businesses,” said Dung Le, head of merchants of Gojek Vietnam, in a statement.

Currently, GoFood supports tens of thousands of merchants in Vietnam via its platform, from international brands and larger merchants with chains of outlets, to micro, small and medium enterprises (MSMEs).

Gojek connects over 200,000 motorbike driver-partners and tens of thousands of merchants to millions of consumers in Vietnam. GoFood is one of the leading food delivery services in Vietnam offering more than a million dishes on-demand.

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