Thursday , 9 April 2020

Go-Jek Partners with Zalora for Philippine Market Entry

Third time’s a charm?

After it was denied to enter the Philippine market early this year, Indonesian ride-hailing platform Go-Jek reportedly resubmitted its application in its bid to break Grab’s virtual monopoly.

Previously rejected due to the country’s strict foreign ownership rules, Nikkei reports that Go-Jek secured a partnership with Zalora, a local e-commerce giant headed by CEO Paulo Campos.

Based on documents acquired by Nikkei, Philippines-based company Pace Crimson Ventures Corp. has acquired 60% of Velox Technology Philippines—Go-Jek’s local affiliate. Campos has a 35% stake with Pace Crimson Ventures, while Ayala owns 49% of Zalora.

With the partnership, this should solve Go-Jek’s problem regarding foreign ownership after its application was rejected twice. Prior to the Zalora partnership, Go-Jek acquired a majority stake in Coins.ph last January in a $72 million deal.

LTFRB chair Martin Delgra confirmed that they have received Go-Jek’s application and has endorsed it to DoTR for further evaluation.

Source

Philippine Competition Commission orders Grab to Refund Riders

One comment

  1. Avatar

    Grab needs competitors to break its hold in the philippines. No to monopoly please.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: