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Go-Jek is reported in search of fresh funding for its SEA expansion. The Information reported that Go-Jek has started new talk with some investors, including existing ones in the previous rounds, to raise up to $1.5 billion (around 21 trillion Rupiah). The company’s valuation, based on the latest funding round, which closed earlier this year is around $4.8 billion (around 68 trillion Rupiah).
Previously, Bloomberg has reported that the investors (include Tencent, JD.com, and Google) has offered to provide additional funds for Go-Jek in its effort to become a regional competitor to Grab.
Post-Uber SEA acquisition (by Grab), Go-Jek is practically the only capable one (both in management and financial) to hold Grab’s attempt to monopolize the regional on-demand. Grab recently scooped a fresh funding worth of $1 billion (around 14 trillion Rupiah) from Toyota to expand GrabFood and GrabPay service.
Go-Jek has announced the availability of Go-Viet in Vietnam and GET in Thailand as its legal entity in each country. Both are expected be available for public in the next few months. In addition, Go-Jek will also expand to Singapore and the Philippines. Go-Jek has setup $500 million initial fund (around 7 trillion Rupiah), however, it certainly needs a bigger war chest to compete in the four neighboring countries.
Original article is in Indonesian, translated by Kristin Siagian