Indonesia’s largest telco Telkom in talks to acquire stake in Go-Jek

Yon Heong Tung
Indonesia’s largest telco Telkom in talks to acquire stake in Go-Jek

The news comes as the ride-hailing company is preparing its expansion to Singapore

Indonesia’s largest telco Telkom is in talks to acquire a stake in ride-hailing giant Go-Jek, according to a Straits Times report.

If the deal goes through, Telkom would be the latest addition to Go-Jek’s arsenal of major corporate investors which includes Tencent, Google, Temasek, JD.com, and Astra. Currently, the Indonesian unicorn has a war chest of over US$3.3 billion.

Two months ago, a Bloomberg report said that Go-Jek was planning to raise another US$2 billion to fuel its expansion moves in Southeast Asia. In May, Go-Jek said it will expend US$500 million for the initial phase.

The company recently launched its pre-registration portal for Singapore drivers who want to use its service, and has also begun signing on these drivers.  Pictures of Go-Jek’s handbook for Singapore were also leaked online.

Go-Jek is slated for an official launch in Singapore in January, pushing back its initial plans for a November touchdown. And at this stage, it is unclear when, if ever, the company will roll out its motorbike taxi service, as well as its ancillary offerings such as logistics and manicure, in the country.

Also Read: Search or use up and down arrow keys to select an item. Indonesia-based fintech CashCash secures Series A funding led by Creation Partners Capital

Go-Jek officially launched in its first overseas city — Ho Chi Minh City — in August, under the name Go-Viet, offering two services Go-Bike (passenger transportation) and Go-Send (express courier). It is also set to launch in the Philippines, and Thailand (as GET).

Go-Jek and its archrival Grab are going head-to-head to become not only the region’s top ride-hailing firm but also the leading super-app platform — offering services such as healthcare, delivery and more.

One other major front both companies are seeking to dominate is the e-payments space; Grab seems to be in the lead in this race, though, with its GrabPay wallet now rolled out in six markets.

Image Credit: Go-Jek

The post Indonesia’s largest telco Telkom in talks to acquire stake in Go-Jek appeared first on e27.