Allianz confirms $35m investment in Indonesia’s Go-Jek

Go-Jek. Photo: Reuters

Allianz X, the digital investment unit of global insurance and asset management firm Allianz Group, on Wednesday announced a $35-million investment in Indonesian ride-hailing platform Go-Jek.

The investment, which marks Allianz X’s first investment in a Southeast Asian-headquartered company, makes it Go-Jek’s sole international insurance shareholder.

The investment from Allianz was part of Go-Jek’s $1.5-billion funding round raised from a dozen investors including Tencent HoldingsBlackRock, Temasek Holdings, Meituan-Dianping, JD.com and Google at a $5-billion valuation. The round was joined by local conglomerate Astra International and investment firm Global Digital Niaga.

“Allianz X’s strategic investment in GO-JEK underscores Allianz Group’s Renewal Agenda and our commitment to digital growth businesses, particularly in emerging markets,” said Allianz X CEO Nazim Cetin.

“GO-JEK is one of the largest digital unicorns in Indonesia and through this investment, Allianz and GO-JEK will strengthen their ties and collaboration further. Together we can offer unique financial products and services to the wider GO-JEK community,” said Allianz Life Indonesia President Director Joos Louwerier.

Established in 2010 as a motorcycle ride-hailing phone service, Go-Jek has evolved into an on-demand mobile platform and a cutting-edge app, providing a wide range of services that include transportation, logistics, mobile payments, food delivery, and many other on-demand services.

Its recently announced round of funding, which raised 25 per cent more fund than initially planned, is being allocated for a number of expansion plans.

Earlier this month, Reuters reported that Go-Jek is set to announce its first expansion to another country in Southeast Asia in the “next few weeks” and plans to expand to three other Southeast Asian countries by the middle of this year. Earlier this month, it had been reported that Go-Jek identified Singapore as one of the Southeast Asian markets it plans to expand to this year, along with the Philippines, Thailand, and Vietnam.

The startup, which is Indonesia’s first and largest unicorn, already holds a stake in Bangladesh’s ride-sharing app Pathao. It has also acquired three local financial technology companies to boost its position in Indonesia’s digital payments market.

For Allianz X, the investment in Go-Jek is its fourth so far in 2018. In its most recent deal, the investment firm co-led a Series C funding round of $160 million in European mobile bank N26.

Its holding company, Allianz, claims to be of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets.

Also Read:

Indonesian ride app major Go-Jek said to be preparing for Singapore entry this year

Indonesia directs ride apps Grab, Go-Jek to register as transportation company

Tencent, Allianz X co-lead $160m Series C in Europe’s retail banking startup N26

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.