SINGAPORE – GoTo Group, Indonesia’s largest tech agency, mentioned on Monday it had bought its majority stake in Filipino e-wallet Cash.ph, signalling the top of it efforts to seize the Philippines market.
Experience-hailing and funds agency Gojek, which merged final 12 months with e-commerce chief Tokopedia to type GoTo, had acquired the stake in 2019 because it deliberate a full growth into the Philippines. However the plan was halted in the identical 12 months after regulators didn't grant it a ride-hailing license.
The Philippines, with a younger, digitally-savvy inhabitants of 110 million, has seen elevated investments from regional tech companies, together with GoTo rivals Sea and Seize.
“Our give attention to worldwide operations stays in place,” mentioned a GoTo spokesperson.
“We're dedicated to our core market in Indonesia in addition to to our deepening investments in Vietnam and Singapore.”
GoTo mentioned final week it plans to boost $1.1 billion in its upcoming preliminary public providing (IPO) in Jakarta, in one in all Asia’s largest IPOs to date this 12 months.
Post a Comment