Indonesia-based Go-Jek, the motorbike taxis on-demand company that competes with Uber and Grab, has confirmed that it has raised upwards of $550 million in new funding. It also hinted that it may expand to other parts of Southeast Asia for the first time.
The company’s valuation was not disclosed, but we reported earlier than it values Go-Jek at $1.3 billion post-money.
The money was provided by new investors KKR, Warburg Pincus, Farallon Capital and Capital Group Private Markets. Existing investors Sequoia India, Northstar Group, DST Global, NSI Ventures, Rakuten Ventures and Formation Group also took part.
The money will be used to scale operations and, in particular, grow its services, which include a payment system, food delivery, courier services as well as regular passenger rides. Go-Jek claims to have 200,000 drivers in its fleet and 20 million app downloads to date. For its services business, it said it has 35,000 food delivery partners and 3,000 “service” providers.
The Jakarta-based firm said it may “potentially” use the new capital to expand its service across Southeast Asia, moving its rivalry with Grab and Uber into new countries.
“We are extremely humbled and excited to work with such world-class partners. KKR, Warburg Pincus, Farallon, Capital Group and other participants in this fundraise not only bring global experience in the TMT sector, but they are also experienced local partners,” Nadiem Makarim, CEO and co-founder of GO-JEK, said in a statement.
“With a rapidly expanding middle class, increasing urban density and a young demographic that is internet savvy, GO-JEK is well positioned to become the ‘go to’ platform for high frequency daily services including transport, food, logistics and payment,” Jeffrey Perlman, head of Southeast Asia for Warburg Pincus, commented.
“It has been fantastic for NSI Ventures to support Go-Jek’s talented management team since 2014. Having this new group of global investors on board will further accelerate Go-Jek’s innovation and allow Go-Jek to solidify its position as an Indonesian tech leader,” said Shane Chesson, partner of NSI Ventures, one of Go-Jek’s earliest backers.