Indonesian ride-hailing giant Gojek is planning to close its Series F round in January 2020, said its co-CEO Andre Soelistyo at an event in Singapore to commemorate its first anniversary in the city-state.
The unicorn was last reported to be raising about $2 billion for the round.
Gojek made its first close in January this year led by existing investors Google, JD.com and Tencent, with participation from Mitsubishi Corporation and Provident Capital. The amount raised from the investors was undisclosed but the transaction pegged the valuation of the company at $9.5 billion then.
While addressing the media at the first anniversary of Gojek’s launch in Singapore, Soelistyo acknowledged that the likes of WeWork have spurred a greater sense of rationalisation among the investor fraternity.
“Many will say that winter is coming. That’s why investors are also looking for companies that reflect a clear path to profitability,” said Soelistyo.
Singapore was Gojek’s second international market foray after Vietnam. It claims to have completed a new milestone of 30 million trips in Singapore from 10 million in June. Gojek is in three markets: Singapore, Vietnam and Thailand.
Gojek’s attempts to scale further have been thwarted by regulatory hurdles. Its attempt to enter the Philippines was twice rejected because it failed to meet strict foreign ownership rules. It recently secured a partnership with local e-commerce pioneer Paulo Campos and re-submitted its application to enter the market. The company is also in active talks to enter the Malaysia.
In Singapore, Gojek announced today that it will offer ride-hailing services spanning a wider variety of vehicles in 2020. The company is expanding its transport offering through a new partnership with Trans-Cab whose drivers will also be entitled to the same benefits that Gojek driver-partners do.
Going forward, Gojek users in Singapore can look forward to new services and transport features, including an option to book different vehicle types.
Trans-Cab chief executive officer Teo Kiang Ang said: “This collaboration with Gojek… will enable our drivers to access on-demand bookings via the Gojek app, while they continue to be able to take on street-hail jobs.”
“As part of the agreement, we are also exploring new joint benefits for Gojek driver-partners and Trans-Cab drivers, including preferential home electricity rates by Union Energy, the holding company of Trans-Cab and an energy provider in Singapore.”
Gojek’s tie-up with Trans-Cab Services, and talks with Union Energy mark an extension of its partnership with the Trans-Cab group, having onboarded Trans-Leasing – the vehicle rental arm of Trans-Cab – as a fleet partner since May 2019.
Ride-hailing remains the only vertical that Gojek offers in Singapore. The company’s Singapore head, Lien Choong Luen, said that Gojek is still actively exploring various options to enter the food delivery market.