Indonesia-based on-demand ride platform Go-Jek has raised an undisclosed sum from carmaker Mitsubishi Motors, diversified group Mitsubishi Corporation and financial services firm Mitsubishi UFJ Lease & Finance, DealStreetAsia reported today.
The three investors, all subsidiaries of diversified conglomerate Mitsubishi, joined an ongoing series F round that stood at $1.1bn as of March 2019, when diversified conglomerate Astra International supplied $100m.
The round, which has a target size of $3bn, achieved a $1bn first close in February 2019 co-led by internet group Tencent, e-commerce firm JD.com and internet technology producer Google, with participation from Mitsubishi Corporation and investment manager Provident Capital.
Founded in 2010, Go-Jek’s core offering is an app-based ride hailing service that is available in more than 50 cities across Southeast Asia. It has also launched a wide range of tangential services, such as a digital wallet, prescription medicines delivery and on-demand massages.
Mitsubishi will tap into Go-Jek’s market presence and expertise in the mobility and consumer services markets in Southeast Asia. All three units will look to collaborate with Go-Jek, though details have not yet emerged.
Go-Jek is expected to use the series F funding to drive its expansion efforts, with a focus on its transport, food delivery, logistics, mobile payments and merchant services units.
The money will also allow Go-Jek to strengthen its market position in Vietnam, Singapore and Thailand. The company hopes to enter the Philippines, Malaysia, Myanmar and Cambodia in the near future.
Osamu Masuko, chairman of Mitubishi Motors, said: “Bringing Mitsubishi Motors and Mitsubishi Corporation’s long and strong presence and brand power in Southeast Asia, as well as Go-Jek’s diversified and unique business potential together, we foresee the creation of large synergies and innovation that will boost the growth of the three parties.”
Go-Jek has obtained more than $2bn to date. Astra, Tencent, JD.com and Google previously supplied $1.5bn for Go-Jek over the course of 2017 and early 2018, together with local services platform Meituan Dianping, e-commerce platform Blibli, insurance provider Allianz’s division Allianz X, Temasek, KKR and Warburg Pincus.
In 2016, Go-Jek received $550m in a round backed by Rakuten Ventures, the investment arm of e-commerce firm Rakuten, as well as Sequoia India, Openspace Ventures (then known as NSI), Northstar Group, DST Global and Formation Group, Warburg Pincus, KKR, Farallon Capital and Capital Group Private Markets..
Rakuten Ventures, Openspace, Sequoia India, Formation Group, Northstar and DST Global have also previously injected capital as well, though further details have not been disclosed.
