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.