Go-Jek’s venture arm said to be raising capital from external LPs

Go-Jek Indonesia office. Photo: Go-Jek

Go-Ventures, the venture capital arm of Indonesian ride-hailing giant Go-Jek, is making its investments from a fund predominantly raised from external investors, DEALSTREETASIA has learnt.

According to multiple sources, Go-Ventures fund has Go-Jek as its anchor investor with a number of other external LPs also contributing to the corpus.

One source familiar with the development has said that the VC is targeting to raise a total of $180 million for the vehicle, which is yet to be closed.

When asked for confirmation on the matter, Go-Jek said it was unable to “provide further information” and does not “comment on speculation”.

It is understood that Go-Ventures has already started investing from the fund, backing local startups including digital TV startup Narasi TV and media startup Kumparan.

Go-Jek itself has also actively invested in companies including insurtech startup PasarPolis, healthech startup Halodoc and Bangladeshi ride-hailing firm Pathao. However, it is unclear whether these were made through Go-Ventures or the unicorn’s own balance sheet.

Go-Jek’s foray into the VC space was first reported by DEALSTREETASIA in May 2018. Go-Jek co-founder and CEO Nadiem Makarim later confirmed the existence of Go-Ventures.

It had initially been understood that Go-Ventures was looking to invest in startups that will support the unicorn’s growth.

In one of the very few public remarks by a Go-Jek executive on Go-Ventures, co-founder Kevin Aluwi said at the DEALSTREETASIA Indonesia PE-VC Summit 2019 last week that the company sees its VC arm as a way of helping other startups grow.

“For Go-Ventures, we have a unique opportunity to offer some of our experience to build companies in Indonesia and beyond. We also have a lot of parts of our platform which can be potentially synergistic with earlier stage companies,” he said.

Aluwi, however, declined to comment when asked about the structure of Go-Ventures.

According to sources, Go-Jek has brought in highly experienced personnel to lead its venture capital arm, including former Openspace Ventures executive Aditya Kumar, who holds the position of Go-Jek’s VP of Corporate Development, according to his Linkedin profile, and Northstar Group executive director Aditya Kamath, who represented Go-Ventures at a tech event in Jakarta in September.

Through Go-Ventures, Go-Jek will not only be competing with established VCs in Indonesia but also its archrival Grab, which recently announced a $250-million corpus to be invested in Indonesian startups through its venture capital arm Grab Ventures.

Go-Jek has reportedly secured $920 million from investors including Google, Tencent and JD.com as part of its ongoing $2-billion funding round.

The newly raised funds will be used to deepen Go-Jek’s presence in new markets, which includes Singapore, Vietnam and Thailand, and also advance its fintech unit.

Meanwhile, its archrival Grab has also been aggressively fundraising, 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:

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

Go-Jek’s VC arm Go-Ventures said to have invested in Indonesian media startup Kumparan

Exclusive: Go-Jek said to have entered VC space with Go-Ventures

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.