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