GoTo Group, the Indonesia-based tech giant, has acquired Swift Logistics Solutions for 583 billion rupiah (US$38 million), according to a document obtained from the Indonesian Stock Exchange (IDX).
A GoSend delivery courier / Photo credit: GoTo Group
The investment was made through GoTo’s logistics arm, GoSend, as part of the company’s reorganization and consolidation strategy. Swift is a subsidiary of Tokopedia, which offers fulfillment and delivery services.
Prior to the deal, 66.7% of Swift’s shares were owned by Tokopedia. Following the acquisition, GoSend now holds 99.8% of the shares. In 2021, Swift was acquired by Tokopedia, which runs a fulfillment business called Dilayani Tokopedia.
See also: GoTo takes a knife to costs, but market remains unconvinced
The move will strengthen GoTo’s logistics arm, which already offers services such as same-day and instant delivery, intercity delivery, and large-volume delivery.
Currency converted from Indonesian rupiah to US dollar: US$1 = 15,453 rupiah
Editing by Samreen Ahmad and Arpit Nayak
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