GoTo Group to up its stake in Indonesian supermarket operator

GoTo Group, a new entity established from the merger between Gojek and Tokopedia, announced that it will participate in the capital raise of Matahari Putra Prima, a publicly listed company that operates supermarket brands in Indonesia, such as Hypermart and Foodmart.

Multipolar, a subsidiary of Indonesian conglomerate Lippo Group and an existing shareholder of Matahari Putra Prima, will also join the funding deal, which is expected to be done by the fourth quarter of this year.

Hypermart store / Photo credit: Hypermart

Matahari Putra Prima currently operates more than 200 supermarket outlets across Indonesia. With the capital raise, the company plans to expand its online presence.

Gojek, through its affiliate Pradipa Darpa Bangsa, acquired 4.76% of the supermarket operator in May. At that time, a representative of Matahari Putra Prima said that it had planned to raised 500 billion rupiah to 800 billion rupiah (around US$35 million to US$56 million) through a rights issue process.

Another public supermarket operator, Supra Boga Lestari, has been acquired by Blibli, an Indonesia-based ecommerce platform that is backed by local conglomerate Djarum Group. Supra Boga Lestari operates several supermarket brands in the country, including Ranch Market, The Gourmet, and Farmers Market.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,225 rupiah