Google, Temasek Coming in as New Investors in Indonesia’s Go-Jek
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Google, Singapore state investor Temasek Holdings and Chinese online platform Meituan-Dianping are investing in a fundraising round of Indonesian ride-hailing startup Go-Jek, sources familiar with the matter said.
Go-Jek’s existing investors, such as global private equity firms KKR & Co and Warburg Pincus, are also participating in the funding round, which is raising about $1.2 billion in total, the sources said.
They said the funding round opened last year and is expected to close in a few weeks.
The funding by prominent investors including Google gives Go-Jek greater firepower to tackle competition at home from Grab and Uber Technologies, which are viewing Indonesia, Southeast Asia’s most populous country, as a large potential market.
“As a strategic investor, Google can add a lot to Go-Jek’s business,” said one source.
It was not immediately clear how much the investors are pumping in individually.
Google, KKR, Warburg and Temasek declined to comment. Meituan-Dianping and Go-Jek did not immediately respond to requests for comment. The people declined to be identified as they were not authorized to speak to the media.
Go-Jek, which began as a ride-hailing app for motorcycle taxis, operates mainly in Indonesia but is developing a food delivery business. Its mobile payment business, Go-Pay, is also growing rapidly.
Reuters reported last year that JD.com was investing about $100 million in Go-Jek. This followed an investment by Chinese social media and online entertainment firm Tencent Holdings, which is also an investor in JD.com.
Questions & Answers
Q.Which specific businesses are investing in Go-Jek's current fundraising round?
Which specific businesses are investing in Go-Jek's current fundraising round?
Google, Temasek Holdings, and Meituan-Dianping are new investors. Existing investors like KKR & Co and Warburg Pincus are also participating in the current funding round, which opened last year.
Q.What is the total amount Go-Jek aims to raise in this funding round?
What is the total amount Go-Jek aims to raise in this funding round?
Sources familiar with the matter indicate that Go-Jek is raising approximately $1.2 billion in total from this current fundraising round. It is expected to close in a few weeks.
Q.What business areas does Go-Jek currently operate in, beyond ride-hailing?
What business areas does Go-Jek currently operate in, beyond ride-hailing?
Go-Jek, which started as a ride-hailing app, also operates a developing food delivery business. Its mobile payment business, Go-Pay, is also experiencing rapid growth.