Minister confirms GOJEK interest in Malaysia expansion

Go-Jek Indonesia office. Photo: Go-Jek

Indonesian unicorn giant GOJEK has expressed interest in bringing its ride-hailing business into the Malaysian market, according to the country’s Transport Minister as quoted by The Edge.

In an interview, Minister Anthony Loke said that he would welcome GOJEK into the county as it would inject more competition in the e-hailing market.

While he declined to confirm whether the Jakarta-based company has formally applied for requisite approvals, Loke said he did not foresee any problem with its plan to open up an operation in Malaysia.

This marks a change in stance from Loke who had told the parliament in July last year that he felt the country was not ready to introduce two-wheeled ride hailing services due to the high rate of road accidents involving motorcycles.

GOJEK had previously identified Malaysia as one of its next expansion destinations, as well as Myanmar and Cambodia. The company has already launched its services in Vietnam, Thailand and Singapore.

The company has also made serious efforts to expand into the Philippines, but has been hampered by restrictive local regulations. In March, GOJEK lost an appeal against the Philippines’ decision to refuse to grant it a licence due to its failure to meet local ownership criteria.

Last year, it announced that it would invest $500 million into overseas expansion into Vietnam, Singapore, Thailand and the Philippines.

Currently, the company is known to close to closing a new round of funding of $2 billion to further boost its international expansion. Among the investors known to have contributed to this Series F round are as Mitsubishi Corp. and Provident Capital, along with Google, JD.com and Tencent Holdings Ltd.

GOJEK’s regional expansion will challenge the domination of rivals Grab, which is known to be Southeast Asia’s leading ride-hailing player.

The company has raised over $3 billion of an ongoing $5-billion Series H round from investors including Tokyo Century, Yamaha, Hyundai and Microsoft.

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.