AAA Allianz climbs aboard Go-Jek with $35m investment

Allianz climbs aboard Go-Jek with $35m investment

Insurance group Allianz invested $35m in Indonesia-based on-demand ride provider Go-Jek today through its digital investment vehicle, Allianz X.

Go-Jek’s core business is a ride hailing platform with upwards of 1 million drivers, but it has expanded into an app-based provider of services such as logistics, food delivery and mobile payment.

The company’s app has been downloaded more than 77 million times and it is present in 50 cities. Allianz has been supplying health insurance to its drivers through a partnership agreed in 2016.

The cash comes as Go-Jek is raising up to $1.5bn at a reported $4bn valuation in a round that so far includes e-commerce firm JD.com, internet technology provider Google, internet company Tencent and local services platform Meituan-Dianping.

Temasek, KKR and Warbug Pincus have also contributed capital, while reports in February this year stated that conglomerate Astra International would invest $150m to $170m in the round while e-commerce firm Blibli would provide between $100m and $120m.

Nazim Cetin, chief executive of Allianz X, said: “Allianz X’s strategic investment in Go-Jek underscores Allianz Group’s Renewal Agenda and our commitment to digital growth businesses, particularly in emerging markets.

“Go-Jek has demonstrated a track record of success within the transportation, logistics and payment sectors and we look forward to supporting their continued growth.”

The company has not disclosed details of its early funding, which was provided by investors including Rakuten Ventures, a subsidiary of e-commerce firm Rakuten, as well as Sequoia India, Northstar Group, DST Global, NSI Ventures and Formation Group.

All those backers participated in a $550m round for Go-Jek in 2016 that also featured KKR, Warburg Pincus, Farallon Capital and Capital Group Private Markets.

– Photo courtesy of Go-Jek Indonesia.

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