Indonesian conglomerate MNC Group, through its subsidiary PT Indonesia Transport & Infrastructure Tbk (IATA) announced that it has signed a term sheet to acquire a majority stake in local motorcycle ride-sharing firm Anterin, according to a report by KrAsia.
Though the amount of the investment was undisclosed, it is meant to drive the shift of Anterin‘s current services towards newer avenues such as food delivery, taxi collaboration with fleet operators, as well as car and helicopter rentals.
“IATA chose Anterin due to its vision. Anterin was created to change the operation concept of ride-hailing firms that exist at the moment,” said Wishnu Handoyono, IATA vice president director, in a press release statement.
According to Jakarta Globe, IATA expects to complete the acquisition by “the end of next month.”
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This is in line with the company’s strategy to enter the transportation business, particularly ride-hailing services, where Grab and gojek remain the leaders in Southeast Asia.
Currently, Anterin has more than 300,000 drivers and 500,000 customers and operates in 100 cities in Indonesia. The company differentiates itself from Grab and gojek by offering a monthly subscription to drivers, instead of slashing fees from each ride they make, without having to give the company commission fees.
“We avoid the cash burn system. We use the auction concept. The drivers can decide their own prices. Customers also can have their own preferences, according to the price, vehicles, or drivers,” Anterin CTO Rachmat Efendi told KrAsia.
For MNC Group, the acquisition marks its latest move in the regional startup ecosystem, and its first investment in the ride-hailing sector. The conglomerate has previously invested in several startups, including Singapore-based dating platform Paktor.
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