KUALA LUMPUR, MALAYSIA/JAKARTA — According to individuals familiar with the situation, low-cost carrier AirAsia is nearing a deal to buy the Thai operations of Indonesian unicorn Gojek. An collaboration with Gojek, one of Southeast Asia’s most powerful “superapps,” would be a step ahead in AirAsia’s efforts to build its digital business. It would also reveal how Gojek is restructuring its regional business following its May announcement that it would merge with Tokopedia, one of Indonesia’s major e-commerce platforms, to form GoTo. According to a Malaysian government source, the proposed acquisition by AirAsia, the airline owned by Tony Fernandes, has been approved by Malaysian regulators. It’s possible that an agreement could be revealed shortly, but it’s also possible that it will be postponed. According to a different source familiar with the subject, the deal will be a share swap between Gojek and AirAsia, in which Gojek will receive interests in AirAsia’s superapp business in exchange for its Thai operations. AirAsia has been working on its own “superapp,” with Fernandes publicly announcing his ambition to fight with Gojek and Grab, a Singapore-based competitor that is set to go public on the New York Stock Exchange this year. In comparison to the other major participants in the industry, AirAsia Digital already offers meals and fresh food delivery, courier services, an e-commerce platform, and a payment gateway, but it does not offer ride-hailing. “In this way, AirAsia would enter the ride-hailing sector as well as expand its food delivery service, which is now accessible in Malaysia and Singapore,” said another airline insider who did not want to be identified because the material is private. Thai AirAsia has been a part of AirAsia’s presence in Thailand’s aviation business since 2003. It presently operates in Malaysia and Singapore, with Teleport, a stand-alone freight company, operating in major Southeast Asian countries such as Thailand. In May, GoTo declared it was “committed in all of our markets outside of Indonesia.” However, in terms of international expansion, the united group falls behind its competitors. Tokopedia is only available in Indonesia, whereas Gojek is available in three other countries: Vietnam, Thailand, and Singapore. According to a source familiar with the subject, the acquisition will “enable Gojek to concentrate its resources on its Vietnam and Singapore businesses.” Grab is a Southeast Asian company that operates in eight countries. Another “superapp” in the region is Sea, which has operations in six nations in the region, as well as Taiwan and four South American countries. According to food delivery data conducted by Singaporean firm Momentum Works, Gojek’s service had a much lower market share in Thailand and Vietnam in 2020 than Grab and Sea. In terms of gross merchandise value, GrabFood accounted for 50% of Thailand’s $2.8 billion food delivery business in 2020, while Foodpanda, a subsidiary of the Frankfurt-listed Delivery Hero Group, and Line’s Lineman, respectively, covered 23% and 20%. GoFood, Gojek’s food delivery service, had a 7% market share. Masayuki Yuda contributed additional reporting from Bangkok./n
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