Go-Jek raised just more than $1 billion with the first close of the Series F funding round.
Investors included tech giants Google and Tencent as well as Chinese e-commerce player JD.com and Japan’s Mitsubishi Corporation.
The company said the proceeds would be used to expand and deepen Go-Jek’s presence in its home market, Indonesia, as well as Singapore, Vietnam, and Thailand.
“We started out with ride-hailing but in a short space of time have become Indonesia’s industry leader across all key verticals including transport, food delivery, mobile payments, logistics, and merchant services,” Nadiem Makarim, CEO of Go-Jek Group, said in a statement.
“As we expand internationally, we are excited to extend our vision to more countries and at the same time put Indonesia on the map as a regional hub for tech innovation,” he said.
Go-Jek has a presence in 204 cities and regencies across five countries in Southeast Asia. It has more than 2 million drivers and about 400,000 merchants on its platform.
Last month, the company made its beta service available to all users in Singapore.
Go-Jek’s regional expansion puts it in direct competition with Grab, which announced a partnership with video streaming service Hooq earlier this week.
Grab has also raised funds north of $3 billion since last year as investors jump on board the potentially lucrative digital market in Southeast Asia.
The region’s internet economy is set to exceed $240 billion by 2025, according to a report from Google and Singapore’s Temasek Holdings.
Go-Jek said that after the close of the Series F fundraising, its founders would still maintain control over the decision-making process and direction of the company.
Credit – Saheli Roy Choudhury CNBC