Telkomsel Invests 450 Million Dollars In Gojek, Analyst: People Are Dependent On Digital Companies

Illustration. (Photo: Doc. Between)

JAKARTA - Analyst of PT MNC Sekuritas Victoria Venny assessed Telkomsel's move to invest hundreds of millions of dollars into Gojek, making the company potential to grow exponentially.

According to Venny, Telkomsel is currently the best cash-strapped telecommunication company in Indonesia. If the subsidiary of PT Telkom Indonesia (Persero) Tbk is only investing in telecommunication infrastructure, then its growth potential can already be measured.

"The growth of companies that are already "mature" is at most only five percent. But it's different when they invest in digital companies. The growth potential of this startup can be exponential," Venny said through a statement in Jakarta, quoted from Antara, Tuesday, May 11.

Venny said that now is the right time for Telkomsel to invest in a national digital company. In addition to the growth potential of the digital industry which is still very wide open, now the valuation of existing digital companies is still very attractive and has the potential to grow in multiples.

"If we look at the track record of digital companies such as Gojek and Tokopedia, they have not 10 years valuation has exceeded the market cap of Telkom. If Telkomsel only invests in telecommunication infrastructure, they will not be able to compete. That's the consideration of Telkomsel to invest in digital companies", said Venny.

He predicts the growth of digital companies that focus on providing services to the needs of Indonesians are still very promising, for example, TaniHub or Sayur Box. With TaniHub and Sayur Box, the start-up managed to trim the supply chain and connect between buyers and farmers.

Because the supply chain is cut, both farmers and consumers get greater benefits. Examples of other digital companies that can grow significantly in Venny's eyes are HaloDoc and SiCepat.

"While the COVID-19 pandemic is still happening, Indonesians are inevitably very dependent on digital companies. Moreover, when wanting to meet daily needs. Currently, I am to consult a doctor and buy medicines already through the Halodoc application. So the potential growth of digital companies that touch the needs of the community is still very large", said Venny.

If last year Telkomsel had put $ 150 million, now the largest mobile operator in Southeast Asia is 'immersing' its investment in PT Aplikasi Karya Anak Bangsa with a value of $ 300 million. Thus, Telkomsel's total investment that has been invested in the largest Decacorn company in Indonesia reaches $ 450 million.

Venny said, actually, not only Telkomsel is looking at digital companies. Nowadays large companies, both local and international are vying to invest in digital companies.

It is noted that Djarum Group, ASTRA, EMTK, and SEA Group have also invested in digital companies. Even recently EMTK and SEA Group also increased their investment in several national digital companies. EMTK and Telkomsel are investing in digital companies because they see the potential of Indonesia's digital economy that can still grow.