E-commerce firm JD.com has invested about $100m in Indonesia-based on-demand ride service Go-Jek, Reuters reported today, citing people familiar with the matter.
The investment is being made as part of a two-tranche round already backed by internet group Tencent set to be sized at about $1bn, The Information has reported, and a source told Reuters the round would value the company at $2.5bn.
Tencent has provided between $100m and $150m of funding for Go-Jek through the round, Reuters reported last month, though the news would appear to contradict a May 2017 article in TechCrunch which stated that Go-Jek had closed the Tencent-led round at $1.2bn.
Go-Jek manages an app-based ride hailing service that utilises a network of more than 250,000 drivers across Indonesia, and also provides food and package delivery, event ticketing and mobile payment services. It expanded into India in May this year.
The company has not revealed precise details of its earlier rounds, but it raised $550m from investors including e-commerce firm Rakuten’s corporate venturing unit, Rakuten Ventures, in August 2016.
The 2016 round, closed at a $1.3bn post-money valuation, also included KKR, Warburg Pincus, Capital Group Private Markets, Northstar Group, Formation Group, Farallon Capital, DST Global, NSI Ventures and Sequoia India, the last two participating as existing investors.