How does an airline suffering through the pandemic end up acquiring Gojek Thailand? That too for US$50 million.
More strikingly, how does this airline’s ‘super app’ end up getting valued at least US$1 billion?
A unicorn valuation, and more importantly, a valuation more than what the airline’s whole business is worth. We’re talking about Malaysia’s budget carrier AirAsia Group, of course. Its latest market capitalisation, notably, is only RM3.2 billion (US$760 million).
Earlier this month, the group—a struggling airline business itself—took on Gojek’s struggling Thailand business to bolster its digital venture. In turn, the Indonesian ride-hailing unicorn would receive a 4.8% stake in AirAsia Group’s super app business.