Diversified conglomerate Astra International has invested $100m in Indonesia-based on-demand ride platform Go-Jek as part of an ongoing series F round that has a target size of up to $3bn, e27 reported today.
The cash adds to a first tranche sized at approximately $1bn co-led by internet group Tencent, e-commerce firm JD.com and internet technology producer Google last month. The first close also featured conglomerate Mitsubishi and investment manager Provident Capital.
Astra’s commitment also forms part of a joint venture agreement that will result in its fleet management system, Astra FMS, being integrated into Go-Jek’s automotive ride hailing platform, Go-Car.
Founded in 2010, Go-Jek operates an app-based ride hailing service that started out with a focus on two-wheeled cabs called ojeks before adding cars. It operates in more than 50 cities across Southeast Asia, with a focus on Indonesia.
Go-Jek has also expanded to more than a dozen tangential services such as mobile payment, online food ordering, consignment shipping and drug prescription collections. Its offering also includes a mobile mechanics service, at-home massages and home cleaning.
The company has raised more than $2bn to date, including a total of $250m from Astra, which joined Tencent, JD and Google to provide $1.5bn for Go-Jek over the course of 2017 and early 2018 alongside local services platform Meituan Dianping, e-commerce firm Blibli, insurance firm Allianz’s Allianz X unit, KKR, Warburg Pincus and Temasek.
Rakuten Ventures, the investment arm of e-commerce firm Rakuten, took part in a $550m round for the company in 2016 together with Sequoia India, NSI Ventures, Northstar Group, DST Global and Formation Group, Warburg Pincus, KKR, Farallon Capital and Capital Group Private Markets.
Go-Jek identified Rakuten Ventures, NSI, Sequoia India, Formation Group, Northstar and DST Global as existing backers in the 2016 round but has not released further details about its earlier financing.
Prijono Sugiarto, president director of Astra International, said: “The joint venture and Astra’s participation in Go-Jek’s series F funding reflect our trust in the company and to form a business synergy with Astra’s automotive arm.
“The end goal is to let public enter the formal economy sector so that there would be evenly distributed wealth in the society and for a better country’s economy.”
