Rakuten Ventures, the corporate venturing vehicle for e-commerce company Rakuten, was among the investors that yesterday agreed to invest more than $550m in Indonesia-based on-demand mobile platform Go-Jek.
Other investors in the round include KKR, Warburg Pincus, Farallon Capital, Capital Group Private Markets, Sequoia India, Northstar Group, DST Global, NSI Ventures and Formation Group.
A source close to the company told TechCrunch the funding was secured at a $1.3bn post-money valuation.
Go-Jek’s core offering is a ride sharing service using motorcycle taxis called ojeks, but it has built a mobile platform that offers a range of on-demand services across 14 Indonesian cities, including courier deliveries, mobile payments, food delivery and lifestyle services.
The company’s partner network includes some 200,000 motorcycle and car drivers, 35,000 food merchants and 3,000 service providers. Its apps have been downloaded a total of more than 20 million times.
The funding will be used to scale Go-Jek’s services in its home country and potentially in neighbouring markets, which would put it up against Singapore-based ride sharing service Grab, which is reportedly raising up to $1bn, and Uber, which is switching resources from China to Southeast Asia.
Andre Soelistyo, chief financial officer of Go-Jek, said: “We are proud and honoured that we have been given the opportunity to push Indonesian society forward with technology and empower the hundreds of thousands of micro entrepreneurs on our platform across the entire nation with the potential to further expand our services across the region.”
Go-Jek has not disclosed details of earlier funding but said Rakuten Ventures, Sequoia India, Northstar Group, DST Global, NSI Ventures and Formation Group are all existing investors.