Indonesia-based ride hailing service Go-Jek has secured $920m in funding from existing investors including internet technology provider Google, internet group Tencent and e-commerce firm JD.com, TechCrunch reported yesterday.
The capital will make up part of a round that values Go-Jek at about $9.5bn and which is expected to close at $2bn, three sources with knowledge of the matter told TechCrunch. The company is approaching prospective new investors to take the round to its final target.
Founded in 2010, Go-Jek operates an app-based on-demand ride hailing platform that had 20 to 25 million users in Indonesia alone as of June 2018, according to founder and chief executive Nadiem Makarim.
The company was at the same time in talks with the three above investors over a round reported to be $1.5bn in size, but the deal has been delayed while it bought out some early investors and staff who held equity stakes, two sources told TechCrunch.
Go-Jek has expanded its business by moving into other on-demand services including logistics, food delivery, event ticketing, car rental, personal styling and domestic cleaning that are tied together by its mobile payment tool, and begun an international push with a move into Singapore.
The round would follow more than $2bn in earlier funding, Go-Jek having pulled in a total of $1.5bn in 2017 and early 2018 from investors including JD.com, Google, Tencent, local services platform Meituan-Dianping, e-commerce firm Blibli, industrial group Astra International and insurer Allianz’s digital unit, Allianz X.
Warburg Pincus, Temasek and KKR were also among the contributors to that funding, which was raised at a $4.8bn valuation according to The Information.
Go-Jek had raised $550m from e-commerce firm Rakuten’s Rakuten Ventures unit, KKR, Warburg Pincus, Sequoia India, Northstar Group, DST Global, Farallon Capital, Capital Group Private Markets, NSI Ventures and Formation Group in 2016 at a reported $1.3bn post money valuation.
The company has not revealed details of its earlier funding, but identified Rakuten Ventures, Northstar Group, DST Global, Sequoia India, NSI Ventures and Formation Group as existing backers.
