E-commerce firm Blibli and industrial conglomerate Astra International are set to invest up to $290m in a $1.5bn funding round being raised by Indonesia-based on-demand ride platform Go-Jek, Katadata reported today.
Astra could provide between $150m and $170m, while Blibli would supply $100m to $120m for the round, which would value Go-Jek at $4bn. The company had previously said it was targeting $1.2bn in the fundraise.
Founded in 2010, Go-Jek operates an on-demand ride platform with some 900,000 drivers, and has branched out into adjacent services such as removal services and the delivery of restaurant food, groceries and prescription medication.
The company, which has roughly 15 million weekly active users, has also developed a mobile payment platform. It paid upwards of $50m for a majority stake in payment processor Kartuku in November 2017 and bought online payment platform Midtrans and financial data provider Ruma in December.
Go-Jek has been raising capital for the latest round since e-commerce company JD.com invested $100m in August 2017. The participants also include internet technology provider Google, internet group Tencent, local services platform Meituan-Dianping, Temasek, KKR and Warbug Pincus.
The new funding follows a $550m round in August 2016 that included Rakuten Ventures, the corporate venture capital arm of e-commerce and fintech firm Rakuten, which valued Go-Jek at $1.3bn post-money.
The 2016 round also featured KKR, Warburg Pincus, Capital Group Private Markets, Formation Group, Farallon Capital, DST Global, Sequoia India and Northstar Group as well as Northstar’s NSI Ventures unit.