Indonesia-based on-demand ride provider Go-Jek has secured about $1bn from investors including corporate backers Tencent, JD.com and Google at a $10bn post-money valuation, Reuters reported today, citing sources familiar with the matter.
Internet group Tencent, e-commerce firm JD.com and internet technology provider Google co-led the funding, which represented the first close of Go-Jek’s series F round. They were joined by conglomerate Mitsubishi Corp and investment manager Provident Capital.
Go-Jek owns a mobile ride hailing and on-demand services app that reportedly had up to 25 million users as of June 2018. It has moved into Singapore and is in discussions with Philippine regulators over an entry into that market.
The confirmation of the funding comes days after reports Go-Jek had raised $920m for the series F round, which the company aims to close at $2bn according to a Reuters report in September 2018. It had previously closed more than $2bn in previous funding.
The company has not disclosed details of its early funding but has revealed e-commerce group Rakuten’s corporate venturing unit, Rakuten Ventures, Sequoia India, NSI Ventures, Northstar Group, DST Global and Formation Group were early investors.
All six returned to participate in a $550m round in 2016 that also featured Warburg Pincus, Farallon Capital, KKR and Capital Group Private Markets, and which reportedly valued Go-Jek at $1.3bn post-money.
Go-Jek added $1.5bn in 2017 and early 2018 from Tencent, Google, JD.com and Allianz X, which invests on behalf of insurer Allianz, as well as local services platform Meituan-Dianping, e-commerce firm Blibli, industrial group Astra International, Warburg Pincus, KKR and Temasek.
Photo courtesy of Go-Jek.
