Two Indonesian companies said to be part of $1.5b Go-Jek funding round

Ilustrasi Gojek/ GO-JEK. REUTERS/Beawiharta

Two Indonesian companies, Astra International and Grup Djarum, have reportedly participated in the $1.5-billion funding round for ride-hailing app GO-JEK.

According to Katadata, the two Indonesian conglomerates are part of a consortium consisting of dozens of investors investing in the country’s leading on-demand startup, which is currently valued at around $4 billion.

Astra, a multi-sector company whose core business lies in the automotive sector, is said to have poured $150-170 million in the funding round, while Grup Djarum, known for its portfolio in the digital business, has reportedly invested $100-120 million.

It is believed that the investment by the consortium of investors have already been agreed and completed. However, the parties involved have refused to comment on the matter when contacted by the local media.

Only last month, as reported by DEALSTREETASIA, Go-Jek raised about $1.2 billion funding in total from Google, Singapore state investor Temasek Holdings Pte Ltd and Chinese online platform Meituan-Dianping.

Previously in December, Go-Jek announced that it has reached deals to acquire three local financial technology companies to boost its position in Indonesia’s digital payment market.

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.

Aside from positioning itself as Indonesia’s largest ride-hailing service, Go-Jek, which is also one of four unicorns in Indonesia, aims to consolidate its position as the dominant player in the country’s digital payment space.

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Go-Jek acquires three fintech firms as battle for payments heats up