Ride hailing service Go-Jek is close to purchasing Indonesia-based payment software supplier Moka for more than $100m, which would allow corporates SoftBank, Bank Mandiri and Sinar Mas to exit, KrAsia reported yesterday.
Moka and Go-Jek did not confirm the negotiations but KrAsia cited unnamed industry sources and suggested any deal would comprise both equity and cash.
Founded in 2014, Moka supplies software tools to merchants that can be installed on smartphones or tablets to process customer payments, order stock and issue invoices. It can also be used for sales analytics and managing a client’s customer relations, human resources and loans.
The deal would be viewed as a bid to solidify Go-Jek’s Indonesian payments business, following its purchase of three other payment technology developers – Midtrans, Kartuku and Mapan – in late 2017.
Moka’s technology is used by roughly 18,000 merchants across 200 Indonesian cities and it recently announced its intention to support transactions made through GoJek’s existing mobile payments system, Go-Pay.
The company attracted $24m in a September 2018 series B round featuring SoftBank Ventures Korea, Mandiri Capital and Sinar Mas Digital Ventures, which invest in behalf of telecommunications group SoftBank, financial services firm Bank Mandiri and diversified conglomerate Sinar Mas respectively.
The series B included EV Growth, a venture capital fund backed by internet company Yahoo Japan, in addition to East Ventures, Sequoia India, Convergence Ventures, Fenox Venture Capital and EDBI, the investment arm of Singapore’s Economic Development Board,
Mandiri Capital had led a $2m round for Moka in early 2017 with contributions from Convergence, East Ventures, Fenox and Northstar Group, the four investors that had joined Wavemaker Partners in a $1.9m round the previous year.