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Indonesia's Gojek invests in local hypermarket operator

Stake in Lippo brick-and-mortar affiliate comes ahead of merger with Tokopedia

Gojek is known for its tech-based business model but is also showing interest in more traditional retail networks. (Photo by Dimas Ardian) 

JAKARTA -- Indonesia-based e-commerce unicorn Gojek, known for its "superapp" covering ride-hailing and other services, has invested in a brick-and-mortar hypermarket operator affiliated with one of the country's biggest conglomerates.

Documents filed to the Indonesian Stock Exchange on Tuesday showed Indonesia's most valuable startup had, through a subsidiary, acquired 4.76% of Matahari Putra Prima from its parent, Multipolar, an affiliate of Indonesian conglomerate Lippo Group. The conglomerate is an investor in Gojek's Singapore-based rival Grab through its venture capital arm.

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