Go-Jek

Google, Tencent, and JD are doubling down their investments on Indonesian ride-hailing giant Go-Jek, which may potentially value the company to more than US$9 billion, according to a report by The Information.

Citing anonymous sources familiar with the matter, the report said that Go-Jek has been negotiating its fundraising deal with investors “for months” and is now close to finalising it.

The company so far has secured commitments for more than US$1.2 billion mainly from its existing investors, such as Google, Tencent, and JD.

The total amount raised in this round could reach US$1.5 billion “if more investors participate”, putting the company’s valuation to US$9 billion or even more.

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In its previous funding round in early 2018, Go-Jek was said to be valued at US$4.8 billion.

Through the funding round, Go-Jek is said to aim to “deepen its alliances” and seek “business collaborations” with its strategic partners.

e27 has reached out to Go-Jek to confirm the report, and find out more details about it.

The report of the funding round came in as Go-Jek accelerated its Southeast Asian expansion move.

After a launch in Vietnam and Thailand, the company has begun opening pre-registration for aspiring driver-partners in Singapore.

Earlier today, its rival Grab has also been reported to have raised US$200 million from travel tech giant Booking, following a recent funding round by Toyota and Microsoft.

The two companies have been competing to become the top “super app” platform in Southeast Asia.