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.