GCash eyes public offering to raise more capital for expansion

posted June 16, 2021 at 08:00 pm
by  Darwin G. Amojelar
GCash, the mobile wallet of Globe Telecom Inc., may “soon” conduct an initial public offering to raise more capital for aggressive expansion, a top executive said Wednesday.

“Just like any other company, there’s is a perfect timing for that one [IPO]. We will see .. maybe soon,” said Vince Yamat, managing director of 917Ventures, the corporate venture builder of Globe which handles portfolio companies such as GCash, AdSpark, HealthNow, KonsultaMD, PureGo and Rush.

GCash aims to reach gross transaction value of P2 trillion this year, up from P1 trillion last year. Its user base grew to more than 40 million users from its base of 33 million last year.

Yamat said in a virtual briefing 917Ventures was open to any partnership with other companies like Puregold Price Club Inc. for PureGo, an online grocery shopping platform and with AC Health for HealthNow.

“As a venture builder, our primary purpose is to build our own companies, but we are not discounting working with other companies as well,” he said.

AdSpark and RUSH help accelerate the digital footprint of brands through digital advertising solutions, customer engagement, loyalty and rewards programs, giving added value to businesses and their customers. KonsultaMD and HealthNow offer reliable healthcare though online.

Consultations made through KonsultaMD skyrocketed by 461 percent in 2020 compared to the previous year. The HealthNow app has been downloaded more than 240,000 times since its launch in August 2020.

“We know how tough our battle against this pandemic is, and we are all at risk, especially those who need to be physically present in their jobs. So we continue to reinvent lifestyle and movement through different products and services in the areas of health, e-commerce, financial technology and advertising technology that deliver indelible value to consumers and businesses,” Yamat said.

He said 917Ventures helped startups maximize Globe’s ‘unfair advantage’ by leveraging the rich asset base of Globe.

Globe has a customer base of over 80 million, one million distribution points, 150,000 enterprise partners and massive networks and affiliates which the startups can tap.

Being a venture builder, 917Ventures is constantly on the lookout for new ideas to launch and accelerate to further improve the lives of Filipinos, said Yamat.

917Ventures is also part of Globe’s 5G Hackathon, providing mentorship to participants of the nationwide competition and welcoming students and professionals to innovate and pitch their solutions to help various aspects of the Philippine society.

The competition will focus on the use of 5G technologies in various sectors of the economy such as education, healthcare, livelihood and disaster risk management. Winners of the 5G Hackathon may join 917Ventures as a venture builder to further jumpstart their idea. The successful venture builder under 917Ventures will receive P2.5 million in support.

Topics: GCash , Globe Telecom Inc. , initial public offering , IPO
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