Go-Jek backers offer $1b in new funding for overseas expansion

Go-Jek motorcycle drivers and bajaj drivers wait for fares in Jakarta, Indonesia. Photographer: Dimas Ardian/Bloomberg

Go-Jek, the Indonesian ride-hailing provider, has been offered at least $1 billion of new funding from existing investors eager to accelerate its overseas expansion, people with knowledge of the matter said.

Current backers including Tencent Holdings Ltd., China’s biggest internet firm, and Warburg Pincus have informally discussed providing more funding to ensure Go-Jek’s first forays outside its home market are successful, according to the people. Go-Jek hasn’t decided whether it wants the additional capital, the people said, asking not to be identified because the information is private.

New investors may also decide to participate if Go-Jek proceeds with the fundraising, the people said.

The Jakarta-based startup recently raised funds from investors including Google, Singapore state investment company Temasek Holdings Pte and Chinese online shopping giant JD.com Inc. Go-Jek’s latest funding round brought in about $1.5 billion of new capital and valued the company at roughly $5 billion, Bloomberg News has reported.

Go-Jek said last month it will invest $500 million to expand its ride-hailing and other services to Vietnam, Thailand, Singapore and the Philippines, taking advantage of Uber Technologies Inc.’s pullout from Southeast Asia to expand. That move will pit Go-Jek directly against larger rival Grab Inc., which is also growing its presence after buying Uber’s business in the hotly contested region of more than 600 million people.

Deliberations are at an early stage, and no final decisions have been made, the people said. Representatives for Go-Jek and Warburg Pincus declined to comment. A spokeswoman for Tencent didn’t immediately respond to an email and text message seeking comment.

Go-Jek, led by Chief Executive Officer Nadiem Makarim, started as an app to book motorbike taxis. It’s since added services that allow users to pay bills, order food and buy movie tickets.

Bloomberg

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.