The company is recruiting investment banks to act as advisers during its fundraising efforts

In a round that has already bagged US$1 billion, Go-Jek is reportedly driving towards US$3 billion, according to Bloomberg.

No final decision has been made on the total goal for the round, but the number reported sounds like the current internal target.

As part of the funding drive, the company is wooing investment banks to act as an adviser in the ongoing round.

The US$3 billion number is equal to the number rival Grab raised in 2018. Grab made its US$3 billion funding push fairly public towards the end of the year.

As Go-Jek has expanded into Vietnam, Thailand and Singapore, the ride-hailing industry has seen a flood of investments as the two companies battle for supremacy in Southeast Asia.

However, data suggests this town is big enough for the two of them. According to Bloomberg, the ride-hailing industry is expected to be worth US$28 billion in 2025. It was estimated at being worth US$7.7 billion in 2018.

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Go-Jek’s regional expansion has not been 100 per cent smooth sailing. Most important was the decision by the Philippines government to reject its application to operate in the country.

However, the acquisition of Coins.ph gives Go-Jek an alternative revenue stream (payments) in the Philippines.

In Singapore, the biggest moment was a viral video of a woman faking her own kidnapping, and subsequently being mocked by a large portion of the population.

Yesterday, the company announced it has hired Lien Choong Luen, a former executive at the National Research Foundation, to be its Singapore General Manager.

Vietnam may be the success story for Go-Jek’s foray into Grab territory. The company says it has nabbed 40 per cent of the two-wheel market in the country, according to the South China Morning Post.

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At the current moment, Grab is still the dominant ride-hailing app outside of Indonesia, but US$3 billion could go a long way to evening the playing field.

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