Gojek exits Thai market and sells business to AirAsia – Business

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News Office (The Jakarta Post)

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Jakarta ●
Wed, July 7, 2021

Two months after its merger with e-commerce giant Tokopedia, ridesharing and payment company Gojek announced that it would exit the Thai market and start focusing on two markets where it has gained the upper hand: Singapore and Vietnam.

The Jakarta-based company has sold its Thai business to Malaysian low-cost carrier Air Asia Group as part of a share swap, an exchange that will give Gojek a 4.76% stake in the styling app. airline life, AirAsia SuperApp.

In a joint appearance with Gojek chief executive (CEO) Kevin Aluwi on Wednesday to announce the move, AirAsia chief executive Tony Fernandes said his company would acquire Gojek’s business in exchange for $ 50 million. worth of shares in AirAsia SuperApp, valuing the division at around $ 1 billion.

AirAsia SuperApp is worth more than the current market value of the low-budget carrier affected by COVID-19.

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