GoTo funds Hypermart as latter raises capital to invest in omnichannel marketing

Hypermart, a supermarket operator owned by Matahari Putra Prima (MPPA), has raised capital to increase market share and invest in its omnichannel strategy. GoTo Group, a new entity established from the merger between Gojek and Tokopedia, and Multipolar, an investor in the intersection of Indonesia’s digital and consumer sectors, will fund the capital issue. The raise will be in the form of a rights issue and will close by the fourth quarter of this year. 

According to MPPA, Hypermart's successful capital raise will provide the company with capital to grow, execute its omnichannel retail strategy, and strengthen its balance sheet. MPPA CEO Elliot Dickson said that it is happy that Hypermart is raising capital and is ready to execute its plans while continuing to innovate for Indonesian consumers. He also added that more details on the acquisition will be revealed at a later date.

Hypermart has a network of over 200 stores across 72 cities. Over the past year, it capitalised on the pandemic-fueled rise in eGrocery shopping and saw its online sales more than quadruple, thus, positioning it as a leader in omnichannel retailing.

Last year, MPPA appointed full-service eCommerce agency SmartOSC to support its eCommerce growth. SmartOSC's co-founder and CEO, Thai Son Nguyen, told MARKETING-INTERACTIVE that the agency is responsible for implementing a quick omnichannel minimum viable product, using the enterprise technologies including commerce experience platform, CRM, and loyalty.

The eCommerce and digital payments scenes have risen in popularity. While GoTo Group has come on board to fund Hypermart's capital issue, Tokopedia divested its shares in digital payment service OVO last week. The shares were bought over by Grab, which now has a 90% stake in the company. Bloomberg also reported that Grab increased its holding in Bumi Cakrawala Perkasa, OVO’s parent, from about 39%, according to a filing with the ministry of legal affairs. 

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