Gojek, the Indonesia-based on-demand ride provider backed by a variety of corporates, has secured $1.2bn in funding from undisclosed investors to increase its latest round to almost $3bn, Bloomberg reported today.
Formerly known as Go-Jek, Gojek runs an app-based ride hailing platform that expanded first into package and food delivery and then into areas as diverse as mobile payment, entertainment, local services, and business management tools.
The capital will be added to an ongoing series F round that was last boosted by an investment from insurance group AIA in September 2019.
Trading group Mitsubishi Corporation and its Mitsubishi Motors and Mitsubishi UFJ Lease & Finance subsidiaries invested an undisclosed sum in July, as did payment services firm Visa and financial services provider Siam Commercial Bank (SCB) later the same month.
Conglomerate Astra International had provided $100m for the round in March 2019, adding to a $1bn first close the month before that valued Gojek at $10bn post-money.
Internet group Tencent co-led the first tranche with e-commerce firm JD.com and internet technology provider Google, investing with Mitsubishi Corporation and investment manager Provident Capital.
The company had previously raised more than $2bn, including $1.5bn from Tencent, Google, Astra, JD.com, local services portal Meituan-Dianping, e-commerce firm Blibli, Allianz X – part of insurance group Allianz – Warburg Pincus, Temasek and KKR in late 2017 and early 2018 at a reported $4.8bn valuation.
E-commerce firm Rakuten’s investment arm, Rakuten Ventures, took part in a $550m round for the company in 2016 alongside fellow existing backers Northstar Group, DST Global, Farallon Capital and NSI Ventures as well as Warburg Pincus, KKR, Sequoia India, Formation Group and Capital Group Private Markets.
Gojek’s main rival in the region, Grab, raised $856m in funding last month, as media reports suggested the two had engaged in talks discussing a prospective merger.
