Go-Jek, the Indonesia-based rival to Grab and Uber, has received US$1.2 billion commitment from Google and Chinese giants Tencent and JD.com in a new round of financing, according to the report of The Information citing insiders.
The latest round could come to about US$1.5 billion if more investors participate, and brings the company’s valuation to more than US$9 billion.
Founded in 2010, Go-Jek started out as a bike taxi ride hauling service, and has expanded into four wheels with its GoCar private car service and a partnership with taxi firm Blue Bird.
The company then evolved to a one-stop app through which users can make online payments and order everything from food, groceries to massages.
The ride-hailing sector in Southeast Asia has had booming interest from global tech giants. Grab, the bigger rival of Go-Jek, has received investment from Japanese investment giant Softbank and Chinese ride-hailing giant Didi Chuxing.
With the latest investments from Google, Tencent and JD.com, Go-Jek plans to deepen its alliances with those key strategic partners and to seek business collaborations.
Last year, Go-Jek raised a US$1.2 billion financing round from Tencent and its existing investors, which values the company at US$3 billion post-money.
It also raised US$550 million in 2016 at a valuation of US$1.3 billion. KKR & Co. and Warburg Pincus LLC led that round, with participation from Farallon Capital Management, Capital Group Private Markets and other existing investors.