Indonesia-based on-demand ride platform Go-Jek plans to upgrade its series F round, which includes corporates Tencent, JD.com and Google, from $2bn to up to $3bn, Bloomberg reported today.
The company has asked banks to pitch for a place in the fundraising process, according to people with knowledge of the matter. Go-Jek raised the first $1bn two weeks ago, at a $9bn pre-money valuation, as part of a round then projected to close at $2bn.
Founded in 2010, Go-Jek runs an app-based ride hailing and services app that predominantly operates in Indonesia, though the company has expanded into Singapore and plans to move into the Philippines next.
Go-Jek’s biggest rival in Southeast Asia is Grab, which also maintains a ride hailing service that has grown to take in adjacent services, and which increased its latest funding round to more than $3bn last month.
The first tranche took Go-Jek’s total funding to about $3bn. It was co-led by internet technology provider Google, e-commerce group JD.com and internet company Tencent, which were joined by diversified trading group Mitsubishi Corporation and investment management firm Provident Capital.
Tencent, JD.com and Google joined local services platform Meituan Dianping, e-commerce firm Blibli, insurance firm Allianz’s Allianz X unit, industrial group Astra International, KKR, Warburg Pincus and Temasek to invest $1.5bn in Go-Jek over the course of 2017 and early 2018.
Go-Jek had raised $550m from Rakuten Ventures, which invests on behalf of e-commerce firm Rakuten, Sequoia India, NSI Ventures, Northstar Group, DST Global and Formation Group, Warburg Pincus, KKR, Farallon Capital and Capital Group Private Markets in 2016.
The 2016 round reportedly valued the company at $1.3bn and although it has not disclosed details of precise figures, it identified Rakuten Ventures, NSI, Sequoia India, Formation Group, Northstar and DST Global as existing investors in that round.
Image courtesy of Go-Jek Indonesia.
