Indonesia’ decacorn, GoJek, has acquired the mobile point of sales provider, Moka, for Rp1.68 trilion (US$108.39 million) - Photo by Moka

JAKARTA (TheInsiderStories) – Indonesia’ decacorn, GoJek, has acquired the mobile point of sales provider, Moka, for Rp1.68 trilion (US$108.39 million). Now, the company awaits business competition supervisory commission approval to realize the transaction.

Jakarta-based startup help restaurant, coffee shops, and retail outlets payment. The application can be downloaded to tablets or smart phones, allows merchants to accept payments by credit and debit cards, as well as cellular payments.

Now, Moka has 20 thousand users, which are Micro, Small and Medium Enterprises (MSME) to large-scale companies in more than 200 cities and districts in Indonesia. While the decacorn unit’ GoPay has been used as a payment system by more than 420 thousand online and offline merchants in 370 cities in Indonesia.

In 2018, a cloud-based point-of-sale system, has raised $24 million Series B round led by Sequoia India. The round included new investors SoftBank Ventures Korea, Singapore-based EDBI, EV Growth, as well as existing investors PT Mandiri Capital, Convergence, and Pegasus Tech Ventures.

Moka was founded in 2014 by Haryanto Tanjo and Grady Laksmono to help the legion of MSME owners across Indonesia who still run their companies manually and spend hours every day doing administrative work, such as sales and stock reconciliation.

The company also has integrated e-payment services OVO, T-Cash, Akulaku, and has signed partnerships with other e-wallets such as DANA and Kredivo. These partnerships enable merchants to accept a wide range of mobile payments using its application.

The provider has also launched Moka Capital to extend business loans to its merchants through the app. For this, Moka is partnering with Koinworks, Taralite, and Modalku as its P2P lending partners.

While, GoJek had raised $1.2 billion funds for expansion, defying tech-sector turbulence and the pandemic. The company aimed to become the major players in digital business across the Southeast Asia.

The company targeting to raised an investment worth of $3 billion to enter the region market. The funds were collected by investments made by several well-known companies such the world’ digital payment technology company Visa, Google, JD.com, Tencent, Mitsubishi Corporation, PT Astra International Tbk (IDX: ASII), and Provident Capital.

In January 2019, Gojek completed the first phase of the F series funding round led by Google, JD.com, Tencent, Mitsubishi, and Provident with total amount $920 million. In March 2019, Astra International injected funds of $100 million, the second investment after 2018 invested $150 million.

In July, 2019, Mitsubishi Motors and Mitsubishi Corp., injected funds into Gojek, although the investment figures were not stated. In the same month, the tech company raised fund for a large bank in Thailand, Siam Commercial Bank. This investment signifies the collaboration between the two parties affiliates in Thailand, GET, to develop a digital payment system.

Written by Staff Editor, Email: theinsiderstories@gmail.com