Zhang Yida did not immediately express his opinion on this matter, but carefully thought about the calculation behind the penguin.

GoJek's biggest role for Ruixiang is to serve as the application layer of RPay's local e-wallet in Indonesia, providing convenience for RPay's development of mobile payment.

With the rapid growth of RPay's user scale, the business value is becoming more and more prominent, and at the same time, it is also extremely powerful to burn money.

After the completion of the $52.5 million financing, a round of internal capital increase of $200 million followed.

GoJek, Tokopedia, and Traveloka, as well as Sinar Mas Group and Lippo Group, did not want their shares to be diluted, and made follow-up investments according to their respective equity ratios.

Only Makarim could not afford it, or was reluctant to pay nearly $4 million for the follow-up investment, and the equity ratio was diluted to 0.8%.

And this part was paid for him by Ruixiang, and Ruixiang's shareholding increased from 49.66% to 50.13%.

The other three Internet companies still hold 10.07% of the shares, and the two old Chinese chaebols also hold 9.43% of the shares, all unchanged.

Tokopedia was renamed to buy together, and it has been controlled by Ruixiang. The other two Internet companies, Ruixiang also holds a small stake.

Therefore, whether GoJek accepts Penguin's investment or not, it cannot shake Ruixiang's controlling position in RPay.

In addition, RPay and AirPay, a subsidiary of the Sea Group, are considered competitors.

So what's the point of Penguins taking a stake in GoJek?

Zhang Yida felt that it was not so simple, looked at Makarim, and said lightly: "Did the penguin promise you any conditions?"

Makarim is not a hairy guy anymore, he is in his thirties, and there are some city governments.

He smiled and replied, "What promised? ”

Zhang Yida didn't believe his words, things must not be so simple.

"Penguin has Sea Group, covering three major sectors: games, e-commerce and payment.

What can GoJek, as a mobility company, offer to penguins?

There is only payment, and it can only be payment. ”

Zhang Yida looked at Makarim playfully, and he felt that he was about to guess the truth.

Makarim has not been dissatisfied with RPay's shareholding structure for a day or two, and has repeatedly proposed to increase GoJek's stake in the e-wallet joint venture, but it is not surprising that Zhang Yida has rejected all of them.

Makarim shook his head and smiled, "Mr. Zhang, you are too worried, RPay's development is getting better and better, how can I give up all this and set up another portal." ”

On the surface, Makarim looks innocent, but in fact, he is very uncalm inside.

GoJek has made a great contribution in the promotion of RPay, how can he be convinced that he only has 10 points of shares after such a big effort?

He did not deny that the other two shareholders, e-commerce site Tokopedia and travel site Traveloka, also played a role in the promotion of RPay.

Including Ruixiang's dispatch of engineers from China and certain technical support, this has contributed to the rise of RPay.

But what about GrabPay? There is no harm without contrast.

The e-wallet is a subsidiary of Grab, which is 51% owned by Grab and 49% owned by Ruixiang.

Although direct shareholding plus indirect shareholding, Ruixiang's shareholding ratio is more than 50%, and it is a hidden major shareholder.

However, in terms of direct shareholding and right to speak, 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 can't, because RPay is only a GoJek stake company, and GoJek has no control over the company, let alone generate greater business synergies.

The confrontation between Grab and GoJek is all-round, and seeing that the development of the old rival is not too restricted, Makarim is naturally envious, jealous and hateful.

He has repeatedly asked Zhang Yida that, according to his ideas, Ruixiang can continue to retain the status of a major shareholder, and GoJek will buy the shares in the hands of the other four institutions.

He believes that such a request must not be excessive, and it is just a normal demand.

However, Zhang Yida didn't even meet him with this little request, and said that he wanted to unite more forces and make the cake bigger together.

This made him depressed and at the same time, a deep sense of remorse rose.

Maybe you shouldn't have accepted Ruixiang's investment in the first place, or even established a joint venture RPay.

But he didn't dare, and he couldn't rush out of the Ruixiang camp, just when he was about to end his e-wallet dream.

Liu Zhiping of the penguin came to the door and offered a condition that made Makarim extremely excited.

Penguin supports GoJek to create its own e-wallet, which is 51% owned by GoJek and 49% owned by Penguin or AirPay.

Penguin is never a domineering company, we pay attention to win-win.

GoJek doesn't have to worry about the evil Ruixiang, there are penguins, and your company's follow-up financing, we have covered it. ”

Liu Zhiping's words were very tempting, and they solved a lot of worries, making it difficult for Makarim to refuse.

Compared with Ruixiang, the penguin is undoubtedly stronger, and it is a thicker thigh.

Zhang Yida looked at Makarim, who was smiling and relaxed, and wondered, could it be that I made a mistake?

"Why do you have to accept Penguin's investment? Did you know that AirPay is a big competitor for us. ”

Makarim smiled, "It's okay, GrabPay is also our competitor! ”

Zhang Yida heard the thorns in his words and asked, "Makarim, are you dissatisfied with my refusal of your request?"

"Nope!"

Makarim's face was as usual, "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 what he said was true or false.

"How about rejecting Penguins and Dog Owners' shares, Rui has always led this round of financing?"

Zhang Yida's words made Makarim feel a little surprised.

Ruixiang has not made a follow-up pitch since he pitched for GoJek a few years ago.

In Makarim's mind, Ruixiang is not particularly optimistic about the transportation track, at least compared with e-commerce and mobile payment, the investment in transportation is very small.

There are basically no other ideas other than taking a small stake and pulling the mobility company into Ruixiang's mobile payment ecosystem partners.

But all of a sudden, it changed sex, could it be that it was stimulated by the penguin and had a sense of crisis?

Makarim laughed: "Grab has a very luxurious shareholder team, and GoJek is quite inferior to the other in this regard. ”

When Zhang Yida heard this, he frowned, is this a euphemism to reject himself?

"Are you determined to invest in penguins?"

Seeing that Zhang Yida was serious, Makarim also put away his smile, looked at Zhang Yida, and said lightly: "GoJek wants to survive, and survive well, it can only be like this." ”

"You mean you can't survive with Ruixiang's investment?"

Makarim said: "It's right that Ruixiang is a Grab shareholder, right?

There are also GGV, Gaoling Capital, and CIC...... These are all common shareholders of Ruixiang and Grab. ”

Zhang Yida shook his head, "You understand it all wrong, what about the shareholders? Ruixiang is developed under my will, I can completely control Ruixiang, and I will not do anything unfavorable to GoJek."

Besides, is it safe for you to fall into a penguin?"

Makarim said stiffly: "At least we don't have any conflicts with the Sea business, and if there are conflicts, they will happen in ...... at most."

Realizing that Makarim almost missed his mouth, he quickly diverted the topic: "In short, I have decided on this round of financing, and no one can change my decision." ”

"So, you're just routinely informing me?"

Makarim shook his head, "I don't want to be unpleasant with Mr. Zhang, but please understand me!"

"I have a bold idea, I wonder if you'd like to hear it?"