Go-Jek has secured $920 million from investors including Google, Tencent and JD.com as part of its ongoing $2-billion funding round, TechCrunch reported on Friday.
Go-Jek, which is expected to announce the round next week, has made moves to buy out early investors to “clean its cap table”, which led to slow progress on the fundraising front.
The newly raised funds will be used to deepen Go-Jek’s presence in new markets and advance its fintech unit.
Go-Jek is currently present in Singapore, Thailand and Vietnam, apart from its home market of Indonesia. It also made a recent strategic acquisition acquiring a significant stake in Philippines-based e-wallet startup Coins.ph.
During a fireside chat at DEALSTREETASIA‘s Indonesia PE-VC Summit 2019, Go-Jek co-founder Kevin Aluwi emphasised that while capital is crucial, it wasn’t the only factor that brought the growth and success that the unicorn enjoys today.
Aluwi added that the company will continue to build on the progress made in 2018, by focusing on building the success of its partners, merchants and create good experiences for its customers.
Its archrival Grab has been aggressively fundraising as well, having received commitments of over $3 billion out of its target of $5 billion. Grab is currently valued at $11 billion, making it the region’s first decacorn.