Zhang Yida did not immediately comment on the matter, but carefully considered Penguin's plan behind it.
GoJek’s biggest role for Ruixiang is to serve as the application layer of Indonesia’s local e-wallet RPay, providing convenience for RPay’s development of mobile payments.
As RPay's user base grows rapidly, its commercial value becomes more and more prominent, and at the same time, it also burns a lot of money.
After completing US$52.5 million in financing, it later conducted a round of internal capital increase of US$200 million.
GoJek, Tokopedia, and Traveloka, as well as Sinar Mas Group and Lippo Group, were unwilling to have their equity diluted and made follow-up investments based on the proportion of equity held by each.
Only Makarim could not afford, or was reluctant to pay, nearly 4 million US dollars for follow-up investment, and the equity ratio was diluted to 0.8%.
This part was paid for by Ruixiang, and Ruixiang's shareholding ratio increased from 49.66% to 50.13%.
The other three Internet companies still hold 10.07% of the shares, and the two established Chinese chaebols still hold 9.43% of the shares, both unchanged.
Tokopedia changed its name to Buy Together and has been controlled by Ruixiang. Ruixiang also holds a small stake in the other two Internet companies.
Therefore, regardless of whether GoJek accepts Penguin’s investment, Ruixiang’s controlling position in RPay cannot be shaken.
In addition, RPay and AirPay, a subsidiary of Sea Group, are competitors.
So what’s the point of Penguin’s investment in GoJek? Hedging your bets?
Zhang Yida thought it was not that simple. He looked at Makarim and said calmly: "Did Penguin promise you any conditions?"
Makarim is no longer a young man, he is in his thirties and has some wealth.
He smiled and replied: "What are you promising? It's nothing."
Zhang Yida didn't quite believe what he said. The matter was certainly not that simple.
“Penguin owns Sea Group, which covers three major sectors: gaming, e-commerce, and payment.
As a transportation company, what can GoJek provide Penguin?
There is only payment, and it can only be payment."
Zhang Yida looked at Makarim jokingly, feeling that he had almost guessed the truth.
Makarim has been dissatisfied with RPay's shareholding structure for more than a day or two. He has repeatedly proposed increasing GoJek's equity in the e-wallet joint venture, but unsurprisingly, Zhang Yida rejected them all.
Makarim shook his head and laughed, "Mr. Zhang, you worry too much. RPay is getting better and better. How could I give up all this and set up another company?"
On the surface, Makarim appeared to have no grudges, but in fact, he was very uneasy inside.
GoJek has made great contributions in the promotion of RPay. How can he be convinced after such a big effort to only have 10 points of shares?
He did not deny that the other two shareholders, e-commerce website Tokopedia and travel website Traveloka, also played a certain role in the promotion of RPay.
Including Ruixiang dispatching engineers from China to provide certain technical support, this has contributed to the rise of RPay.
But what about GrabPay? No comparison, no harm.
This e-wallet is a subsidiary of Grab, with Grab holding 51% of the shares and Ruixiang holding 49%.
Although it holds direct shares plus indirect shares, Ruixiang's shareholding ratio is more than 50%, making it a hidden major shareholder.
But in terms of direct shareholding and voice, Grab is the real controller of GrabPay, and Ruixiang only enjoys more economic rights.
Grab can build multiple application scenarios based on payment because GrabPay is under the control of the former.
But GoJek cannot, because RPay is only a joint-stock company of GoJek, and GoJek has no control over the company, let alone greater business synergy.
The rivalry between Grab and GoJek is all-round. Seeing that the development of their old rivals is not hindered too much, Makarim is naturally envious and jealous.
He made requests to Zhang Yida many times. According to his idea, Ruixiang could continue to retain its status as a major shareholder, and GoJek would buy the shares from the other four institutions.
He believes that such a request must not be excessive and is just a normal request.
However, Zhang Yida did not even satisfy him with this small request, and said that he needed to unite more forces to make the cake bigger together.
This made him depressed and at the same time, he felt a deep sense of regret.
Perhaps it should not have accepted Ruixiang’s investment and even established a joint venture in RPay.
But he didn't dare and couldn't leave the Ruixiang camp rashly, just when he was about to give up on his dream of an electronic wallet.
Liu Zhiping from Penguin came to the door and made an offer that made Makarim extremely excited.
“Penguin supports GoJek in creating its own e-wallet, with GoJek holding 51% of the shares and Penguin or AirPay holding 49%.
Penguin has never been a domineering company, we value win-win results.
GoJek doesn’t have to worry about offending Ruixiang. With Penguin here, we will take care of your company’s subsequent financing.”
Liu Zhiping's words were very tempting and solved many worries, making it difficult for Makarim to refuse.
Compared with Ruixiang, Penguin is undoubtedly stronger and has a thicker thigh.
Zhang Yida looked at Makarim, who was smiling and relaxed, and felt suspicious. Could it be that I made a wrong judgment?
"Why do you have to accept Penguin's investment? Do you know that AirPay is our important competitor?"
Makarim smiled and said, "It doesn't matter, GrabPay is also our competitor! It's normal for giant companies to bet on a few heads. I'm very open to it."
Zhang Yida heard the thorn in the words and asked: "Makareem, are you dissatisfied with my rejection of your request?"
"No!"
Makarim said with a normal expression, "Mr. Zhang, you are right, we should unite more partners to make RPay's payment scenarios more diverse."
Looking at Makarim's face, Zhang Yida looked at it for a long time and couldn't tell whether his words were true or false.
"How about rejecting Penguin and Goudong's offer to invest in this round of financing? Rui Xiang will lead the investment in this round of financing?"
Makarim was slightly surprised by Zhang Yida's words.
Ruixiang has not made a follow-up investment since he invested in GoJek a few years ago.
Looking back at Makarim, Ruixiang is not particularly optimistic about the transportation track. At least compared to e-commerce and mobile payment, the investment in transportation is very little.
Apart from taking a small stake and bringing transportation companies into Ruixiang's mobile payment ecological partners, there are basically no other additional ideas.
But he suddenly changed his gender. Could it be that he was stimulated by the penguins and felt a sense of crisis?
Makarim smiled and said: "Grab has a very luxurious shareholder team, and GoJek is far behind in this regard."
Zhang Yida frowned when he heard this. Is this a tactful rejection of himself?
"Are you determined to get Penguin's investment?"
Seeing Zhang Yida becoming serious, Makarim also put away his smile, looked at Zhang Yida, and said calmly: "GoJek wants to survive and survive well, this is the only way."
"You mean you can't survive with Ruixiang's investment?"
Makarim said: "Isn't it true that Ruixiang is a shareholder of Grab? Isn't it true that SoftBank is also a shareholder of Grab?
There are also GGV, Gaoling Capital, China Investment Corporation... these are all common shareholders of Ruixiang and Grab."
Zhang Yida shook his head, "You have got it all wrong, so what about the shareholders? Ruixiang was developed under my will. I have full control over Ruixiang and will not do anything detrimental to GoJek."
Besides, will it be safe if you fall towards the penguin?"
Makarim said harshly: "At least we don't have any conflicts with Sea's business. If there are conflicts, they will at most happen..."
Realizing that he had almost spilled the beans, Makarim quickly changed the subject: "In short, I have already decided on this round of financing, and no one can change my decision."
"So, you just informed me as a routine matter?"
Makarim shook his head, "I don't want to cause any trouble with Mr. Zhang, but please understand me!"
"I have a bold idea. I wonder if you are willing to listen to it?"