Iftar Timings Mar 28 - Ramazan 17

Lahore
LHR
06:20 PM
Karachi
KHI
06:46 PM
Islamabad
ISB
06:26 PM
Peshawar
PWR
06:30 PM
Quetta
QTA
06:49 PM

News

Facebook and PayPal invest in Indonesian start-up Gojek

June 3, 2020 07:43 PM


Facebook and PayPal have invested in the Indonesian ride-hailing and digital payment start-up Gojek, joining other tech giants Tencent and Google, the Jakarta-based company said Wednesday. The new investment "will support Gojek's mission to boost Southeast Asia's digital economy, with a focus on supporting payments and financial services in the region," it said in a statement.

The size of the investment was not disclosed. Starting as a motorcycle ride-hailing call centre in 2010, Gojek launched an app five years later that soon turned into a "super-app" offering a wide range of services including deliveries, takeaway food and financial services.

The investment is Facebook's first in Indonesia, Southeast Asia's leading economy. The social network behemoth is looking for new outlets for its products, particularly WhatsApp messaging, which is used everywhere in the country of more than 260 million people.

"Gojek, WhatsApp and Facebook are indispensable services in Indonesia," Matt Idema, chief operating officer at WhatsApp, said in the statement. "Working together we can help bring millions of small businesses and the customers they serve into the largest digital economy in Southeast Asia."

PayPal's payment services are also expected to be integrated into the Gojek app as part of the agreement. The Indonesian start-up says it has connected hundreds of thousands of traders on its platform, often small businesses in the informal economy, and has more than 170 million users in the region.

Gojek in March raised $1.2 billion for expansion, according to Bloomberg, and it is valued at $10 billion by analysts CB Insights. The company's main competitor is Grab, another "super-app" founded in Singapore. Indonesia's digital sector was estimated at $40 billion in 2019 and could triple by 2025, according to a study by Google, Temasek and Bain & Company.



Most Read

  1. Aitchison College principal resigns over differences with Punjab governor Aitchison College principal resigns over differences with Punjab governor
  2. Aitchison College students, parents stage protest against principal’s resignation Aitchison College students, parents stage protest against principal’s resignation
  3. Man murders young sister by smothering her with pillow in Toba Tek Singh Man murders young sister by smothering her with pillow in Toba Tek Singh
  4. Tribal firefight in Gotki, Motorways section shut down Tribal firefight in Gotki, Motorways section shut down
  5. Five Chinese among six killed in Shangla suicide bombing Five Chinese among six killed in Shangla suicide bombing
  6. Transferred: Lawman bears the brunt of flagging down lawmaker Transferred: Lawman bears the brunt of flagging down lawmaker

Opinion

  1. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  2. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  3. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  4. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  5. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  6. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer