Indonesia’s ride-hailing startup GOJEK has secured around $1.6 billion in commitments as part of its ongoing Series F financing and is targeting to close the round at over $3 billion, according to a person familiar with the matter.
The firm, whose rival Grab is in the midst of a mega $6.5-billion fundraising exercise, could raise as much as $4 billion as part of the round as it has decided to keep its funding doors open for the near term, the person said.
GOJEK on Monday announced an unspecified investment from Mitsubishi Motors Corporation, Mitsubishi Corporation, and Mitsubishi UFJ Lease & Finance as part of the Series F round.
No financial details were provided. The startup did not say how much it has raised so far – it had not disclosed its first close total earlier this year either – in its latest announcement, which was made right after rival Grab announced an undisclosed investment from credit firm Experian on Friday. A week before that, Grab had revealed a $300-million capital infusion from Invesco.
GOJEK is understood to have solicited support from the largest investors on its cap table for its latest fundraising. At least four of its backers – Google, Tencent, Allianz and Samsung – have market caps exceeding $100 billion. Its investor base also includes Singapore’s sovereign wealth fund GIC and state investment firm Temasek Holdings, both with well over $100 billion in assets under management each.
The ride-hailing to payments startup had announced the first close for the Series F round earlier this year without revealing any specifics. It was then learnt to have raised a little over $1 billion from investors including Google, Tencent, JD.com and Provident Capital. It is learnt to have added another $600 million to its tally since the first close.
GOJEK is said to be targeting multiple closes till early next year to close the ongoing round.
In response to DealStreetAsia queries on its fundraising, GOJEK said it “cannot comment on rumour and speculation”.
The Indonesian firm has previously announced that it plans to use the capital from the Series F round, for which it is learnt to have hired Citi as an advisor, across transport, food delivery, logistics, mobile payments, and merchant services businesses.
The additional capital could also see GOJEK extend its acquisition spree, which has seen it buy out 12 Asian tech companies since 2016 to expand its range of services and ramp up its engineering capabilities. The company has also invested in numerous startups, with the latest being Indian cloud kitchen startup Rebel Foods.
Its rival Grab has revealed that it will dedicate a portion of its ongoing Series H round to acquire or invest in at least six tech startups this year.
Besides vertical expansion, GOJEK also plans to use proceeds to accelerate its geographical expansion across Southeast Asia, a market which has been dominated by Grab, following its acquisition of Uber’s operations in the region.
Over the past year, GOJEK has been expanding aggressively into three new regional markets – Vietnam, Singapore and Thailand. It is yet to enter the Philippines as its plans to foray into the market hit a roadblock early this year due to foreign ownership regulations. It has also expressed interest in extending its services to Malaysia, Myanmar and Cambodia this year.