Go-Jek – a car booking application from Indonesia has decided to pour 500 million USD to invest in Vietnam and 3 other countries.
Go-Jek – Indonesia’s most popular car sharing application has announced it will invest about 500 million USD to join four new markets, which are Vietnam, Thailand, Singapore and the Philippines in the coming months. Initially, they will only provide carpooling services, then expanding to other forms later.
Starting with carpooling, Go-Jek now offers food delivery service, online grocery stores and payment. Last year, Go-Jek had acquired three Fintech companies to increase its presence in Indonesia digital payment sector.
Go-Jek’s services are available in 50 cities in Indonesia. They are also supported by many well-known investors, such as Temasek Holdings (Singapore) and Tencent (China).
Expanding to new markets will increase competition between Go-Jek and its competitor – Grab (Singapore) in the region. Grab now also offers similar services, such as carpooling, digital payment and food delivery. Both are struggling to gain market share in Indonesia.
Earlier this year, Google invested in Go-Jek. According to Google, this move is consistent with their ambition to help Indonesia develop its digital economy and start-up. However, they do not disclose the specific amount.
Reuters also reported that Go-Jek had an additional 1.5 billion USD in a capital mobilization round in February. This company is currently valued at 5 billion USD, according to PitchBook – a financial data company.