Indonesia-based ride hailing service Go-Jek has added internet technology provider Google and local services platform Meituan-Dianping to the $1.2bn funding round it is raising, Reuters reported today.
Singapore state-owned investment firm Temasek and private equity firms KKR and Warbug Pincus have also joined the round, according to people familiar with the matter. It values Go-Jek at $4bn, higher than previously reported figures of $2.5bn and $3bn.
E-commerce firm JD.com put $100m into the round in August 2017, following an investment of between $100m and $150m from internet group Tencent three months earlier. An official announcement about its close is expected within weeks, Reuters noted.
Go-Jek’s core offering is an app enabling rides to be booked on demand, but it has since expanded into other verticals including food, parcel and prescription drug delivery, removal services, event ticketing and mobile payments.
The company has more than 300,000 drivers on its platform. It has not yet revealed what it specifically intends to do with the new funding.
Go-Jek was founded in 2010 and while details of its earlier funding rounds remain scarce, it raised $550m from a consortium featuring e-commerce firm Rakuten’s corporate venturing unit, Rakuten Ventures, in 2016 at a $1.3bn post-money valuation.
KKR and Warburg Pincus also contributed to the 2016 round, as did Capital Group Private Markets, Northstar Group, Formation Group, Farallon Capital, DST Global and existing shareholders NSI Ventures and Sequoia India.