Jakarta-based Go-Jek is currently in talks to score atleast $2 billion in a fresh round of funding as per a report by Bloomberg. The funds will be supposedly utilized for overseas expansion, a source privy to the matter was quoted saying.
Go-Jek started out in Indonesia as a ride-hailing startup and has now turned out to be Asia’s one of the most successful technology startup foraying into other segments like logistics, food delivery and digital payments as well. It is aiming to tap into other markets of South Asia.
Last week, the company debuted in Vietnam with its Go-Viet app, available to use in its prominent cities – Hanoi and Ho Chi Minh City. The locals can take the two-wheel ride and avail the courier services, it is working on introducing the car rides, food delivery and payment services in the near future.
Meanwhile, Andre Soelistyo, Go-Jek’s president, shared its plans of setting up operations in Thailand with Singapore and Phillipines next in line. Go-Jek’s rival in the South Asian market is Singapore-based Grab which overtook Uber’s regional business maintaining a strong foothold in its home market and others. The two currently compete in Indonesia and Vietnam, with more markets to be their battleground in the coming time.
Go-Jek is also vigorously working on its app by focusing more on the technology. It partnered with three peer-to-peer (P2P) lending businesses a fortnight before to enhance its financial technology offerings. Currently backed by Google’s Alphabet, Temasek, its last funding round raised a capital of $1.5 billion with a valuation of about $5 billion. It also counts Tencent Holdings anf Warburg Pincus among its investors.