Go-Jek raises over $1b in first close of Series F round

Nadiem Makarim. Photographer: Wei Leng Tay/Bloomberg

Indonesia’s ride-hailing unicorn Go-Jek has secured the first close of its Series F funding round led by a battery of prominent companies including Google, JD.com, Tencent, Mitsubishi Corporation, Provident Capital and other investors.

No financial details were disclosed. However, DEALSTREETASIA has learnt from an industry source familiar with the development that the ride-hailing major has raised a little over $1 billion in this fundraising. The latest financing values the company at nearly $10 billion.

This confirms a December report by DEALSTREETASIA that Go-Jek was negotiating an oversubscribed round from investors Google, Tencent and JD.com.

According to an official statement, Go-Jek will invest the funds across transport, food delivery, logistics, mobile payments, and merchant services businesses. The funds will also be used to fuel its market expansion plans across Southeast Asia.

Go-Jek adds that the reception in its overseas markets has ‘exceeded expectations’.

In Vietnam for instance, Go-Viet secured about 40% of the two-wheeled transport market share within three months of its August launch last year. Go-Viet also claims to be the leading food delivery player in Ho Chi Minh and Hanoi within two months of launch as well. Go-Jek currently operates in five countries across 204 cities and regencies in Southeast Asia. It has a network of over 2 million drivers and 400,000 merchants.

Nadiem Makarim, Go-Jek Group CEO, said: “We started out with ride-hailing but in a short space of time have become Indonesia’s industry leader across all key verticals including transport, food delivery, mobile payments, logistics, and merchant services… As we expand internationally, we are excited to extend our vision to more countries and at the same time put Indonesia on the map as a regional hub for tech innovation.”

Go-Jek also announced a broader strategic partnership with investor JD.com’s Indonesia e-commerce joint venture, JD.id, and last-mile delivery logistics joint venture, J-Express (JX).

In a statement, Go-Jek said JX will leverage its crowdsourced courier network to provide efficient, reliable, and cost-effective logistics coverage nationwide. The partnership will also involve collaborations in payment solutions, marketing, and IT with JD.id.

With a dedicated JD.id entry point on GOJEK’s mobile app, 27 million monthly active GOJEK users will have direct access to JD.id’s high-quality e-commerce offering. GOJEK‘s resources from marketing and branding to payments will help JD.id boost customer acquisition and continue to provide the best possible e-commerce experience to consumers in Indonesia,” said JD.com chief strategy officer Jon Liao.

According to Go-Jek, its platform has generated over $9 billion in annualised gross transaction value (GTV) across Southeast Asia. Its Go-Pay ecosystem processes $6.3 billion of annualised GTV, while Go-Food processes $2 billion of annualised GTV. Based on these figures, Go-Jek claims to be the largest on-demand service and payments platform and food delivery service in Southeast Asia.

Also Read:

Capital is crucial but not the only factor that has brought us this far, says Go-Jek co-founder Aluwi

Go-Jek makes first close of ongoing $2b funding round: Report

Go-Jek secures nearly $2b in commitments, to finalise new funding round next week

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.