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Go-Jek’s beta app will be available to a limited number of consumers before expanding to a wider population.
The e-commerce operator is valued at about $7 billion after the round.
Asian funds such as Hillhouse Capital Management Ltd. have been looking for deals to invest in Asia. KKR recently invested in Singapore-based PropertyGuru Pte and Voyager Innovations in the Philippines.
Under Menon, MAS became one of the earliest adopters of “regulatory sandboxes” for fintech companies, a concept pioneered by the U.K.’s financial regulator.
Go-Jek is building up its arsenal to expand in Southeast Asia and fight Singapore-based rival Grab.
Zhang’s endeavour to transform old-school shopping using data analysis to manage inventory and shipping has driven more than $8 billion of deals in endeavourseveral years.
New investors included Japanese entrepreneur Taizo Son’s Mistletoe Inc. and Korea Venture Investment Corp.
Jack Ma will step down as executive chairman of Alibaba Group Holding Ltd. in 2019, handing the reins to Daniel Zhang, who became chief executive officer barely three years ago. The 46-year-old certified accountant has been the driving force behind a mandate to transform old-school commerce using technology that it’s dubbed “ New Retail.”
It’s on track to raise $3 billion of funding before the end of this year, co-founder Hooi Ling Tan said.
Sea’s invested heavily to expand into payments, e-commerce, where Shopee takes on Alibaba-backed Tokopedia, Lazada.