Indonesiansuperapp supplier gojek features bagged $150m from telkomsel, the countrys state-owned cellular operator, since it adjusts to start up business conditions caused by covid-19.

Both companies have been business partners for some time, with telkomsel supplying gojek motorists with inexpensive information options, but this marks the 1st time the cellular operator will likely to be making an investment to the decacorn a personal business valued at significantly more than $10bn.

Both organizations announced the investment on november 17.

Telkomsel is a partnership between state-owned telecoms team telkom indonesia and singapores singtel. the mobile phone providers moms and dad, telkom, ended up being apparently near to buying gojek back in 2018, nevertheless package fell through when it failed to secure backing from top ministerial figures.

Modern financial investment is another boost to gojek, having received capital injections from facebook and paypal regarding the us in summer. gojek raised significantly more than $3bn in its series f round, that the two technology businesses took part in.

Telkomsel joins a long list of gojek people thatalso contains googleand united states exclusive equity company kkrbut is one of only some indonesian companies to purchase the decacorn; various other known indonesian investors feature local conglomerates djarum and astra.

At the time of mid-july, gojeks biggest shareholder was gamvest, an entity owned by singaporestate investor gic. google was the second-largest shareholder followed by kkr and chinas tencent.

The superapp has actually seen its business disrupted by the coronavirus pandemic, specially its ride-hailing service, and it has already been focusing on repayments and meals deliveries in a bid to weather the violent storm. it recently launched that gojek-branded services are typical now creating good margins on a product foundation, which it called a significant milestone because shows a solid path to profitability.

The additional investment from telkomsel puts united states in an even better financial position once we check out navigate the years that lie ahead, stated andre soelistyo, co-ceo of gojek.

Other indonesian unicorns start-ups valued at over $1bn being busy raising funds amidthe pandemic. e-commerce platforms tokopedia and bukalapak were the recipients folks big technology companies' money, using previous bagging an investment from bing, although the latter got resources from microsoft in november.

The travel reservation unicorn traveloka, at the same time, increased $250m from international investors, including the qatar investment authority.

A form of this informative article was initially posted by nikkei asia on november 17 2020. 2020 nikkei inc. all rights set aside.