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

A Go-Jek motorcycle taxi driver with a passenger in Jakarta. Photographer: Dimas Ardian/Bloomberg

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.

Also Read:

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

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.