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Reuters reports that Google, Temasek (Singapore’s state-owned investment company), and Meituan-Dianping (Chinese’s group buying platform) are Go-Jek’s latest investor. It’s said that previous investors, including KKR & Co and Warburg Pincus, are also participating for this funding round.
The funding round was opened last year and is expected to raise $1.2 billion fresh funding (more than 15 trillion Rupiah) when it’s closed in the next few weeks. It’s unclear how much is pumped by each investor individually.
Previously Tencent and JD.com were also participated in this found. Go-Jek is said to have more than $3 billion (more than 40 trillion Rupiah) valuation.
This fund will be Go-Jek’s new ammunition to preserve and expand its market in Indonesia, while altogether prepare to expand to Southeast Asia region. In Indonesia, Go-Jek is tightly competing with Grab and Uber. By the end of last year, Go-Jek claims to have 900,000 driver-partners.
Go-Jek confirms to expand to neighboring countries starting this year, with the Philippines to be the first stop. Go-Jek also has acquired three fintech-related companies, pending approval, to extend financial inclusion in Indonesia.