Indonesian ride-hailing giant Go-Jek has for months been in talks with Chinese internet giant Tencent for a possible investment.

Today, according to a TechCrunch report, Go-Jek has finally closed the round, and it comes in at a whopping US$1.2 billion. The investment from Tencent puts the company’s valuation to at US$3 billion post-money, says the article.

While the other investors are not known, Go-Jek’s current investors are believed to be involved in the round.

Citing two anonymous sources, the deal was signed last week and will be announced publicly “soon”.

The investment follows Go-Jek’s most recent round, in which the company raised US$550 million from investors such as KKR, Warburg Pincus, Farallon Capital, and Capital Group Private Markets.

Also Read: Go-Jek reveals winners of Go-Hackathon, awards first winner with US$9K cash prize

Though there has not been any confirmation from Go-Jek about the investment, it has been said that the company will finally aim for regional expansion after focussing in the Indonesian market for a long time.

The investment is an interesting development in the tough battlefield of the ride-hailing startup competition in Asia, particularly in Indonesia.

This is because Tencent Holdings has invested in several ride-hailing startups, including Didi Chuxing, which has minority stake. It also participated in a funding round for Go-Jek’s competitor Grab.

Grab itself has recently been reported to raise another US$1.5 billion, after it acquired Indonesian e-commerce startup Kudo as part of its US$700 million-worth of “master plan” for the Indonesian market.

More on this story as it develops.