Google, Temasek to participate in Go-Jek’s US$1.2B funding round

Sainul Abudheen
Google, Temasek to participate in Go-Jek’s US$1.2B funding round

Chinese online platform Meituan-Dianping is also joining the round, which will also see Go-Jek’s existing investors KKR and Warburg Pincus participating

Indonesia’s ride-hailing giant Go-Jek is raising a whopping US$1.2 billion in an investment round from search engine behemoth Google and Singapore government-owned Temasek Holdings, says a Reuters report, quoting sources.

Chinese online platform Meituan-Dianping is also joining the round, which will also see Go-Jek’s existing investors KKR and Warburg Pincus participating.

Also Read: Want to become a Go-Jek Engineer? Here’s how

Earlier in May last year, TechCrunch reported that Go-Jek has closed a US$1.2 billion led by Chinese internet honcho Tencent at US$3 billion valuation. It is not clear if both these rounds are the same.

Established in 2010 as a motorcycle ride-hailing phone service, Go-Jek has evolved into an on-demand mobile platform, providing a wide range of services that include transportation, logistics, mobile payments, food delivery, and many other on-demand services. Go-Jek currently operates in 50 cities across Indonesia. As per some reports, Go-Jek is entering the Philippines market in 2018.

As of last December, Go-Jek has 900,000 drivers, more than 125,000 merchants and over 100 million transactions processed through its platform per month.

In 2016, Go-Jek closed a US$550 million in funding at US$1.3 billion post-money valuation. A year later, it raised another US$100 million from China’s retail giant JD.com.

Also Read: Grab is going to win the cashless battle

Recently, Go-Jek acquired three companies in Indonesia, including offline payments processing firm Kartuku, payments gateway provider Midtrans, and local community-based saving and lending network Mapan, with an intention to strengthen its payments offerings.

The post Google, Temasek to participate in Go-Jek’s US$1.2B funding round appeared first on e27.