Report: Go-Jek Is Raising $2 Billion At A $9.5 Billion Valuation

By Amit Chowdhry ● January 25, 2019

Go-Jek, an Indonesia-based technology company that specializes in ride-sharing, is planning to raise $2 billion in a new round of funding at a valuation of $9.5 billion. Existing investors Google, Tencent, and JD.com are believed to be involved in this round, according to TechCrunch’s sources.

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This investment round is expected to be announced next week. And the funding will most likely be used towards expanding its presence in new markets.

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Prior to this funding round, Go-Jek raised over $2 billion from investors, including a $1.4 billion round last year at a $5 billion valuation. Go-Jek started out with motorbike taxis and then expanded to four-wheelers, services on demand, and financial technology.

TechCrunch’s sources said that there are discussions about Go-Jek buying JD.com’s JD.id business at a value of more than $1 billion. JD.id provides delivery services for products ordered to 365 cities across Indonesia.

The ride-hailing market in southeast Asia is expected to grow from $8 billion in 2018 to $31 billion by 2025, according to a report by Google and Temasek. And Indonesia is expected to represent half of this figure.

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Last year, Go-Jek expanded to Vietnam, Thailand, and Singapore. But it was denied an operating permit in the Philippines.

This is not stopping Go-Jek from making moves in the Philippines though. Last week, it was reported that Go-Jek acquired Philippines-based cryptocurrency and mobile payment company Coins.ph for a reported $72 million.

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Another major deal for a ride-sharing company in southeast Asia involves Grab and Uber. Uber sold its southeast Asia arm to a local rival called Grab in exchange for a reported 27.5% stake valued at about $6 billion. Grab’s most recent round of funding was $3 billion in Series H.

Go-Jek says that it has more than 125 million downloads in Indonesia. And the company is used by over a million drivers and around 300,000 food merchants. Plus the service is being used to process 100 million transactions per month.