Go-Jek reportedly closed US$1.2B of funding from Tencent, puts valuation to US$3B

Anisa Menur
Go-Jek

According to the report, Go-Jek is expected to make official announcement about the investment “soon”

Indonesian ride-hailing giant Go-Jek has been reported to be in talks with Chinese internet giant Tencent for a possible investment.

Today, according to a TechCrunch report, Go-Jek has finally closed a US$1.2 billion investment from Tencent that puts the company’s valuation to at US$3 billion post-money.

While the other investors are not known, the report believes that Go-Jek’s current investors are involved in the round.

Citing two anonymous sources, the deal was signed last week and will be announced publicly “soon.”

The investment follows Go-Jek’s most recent round, in which the company raised US$550 million from investors such as KKR, Warburg Pincus, Farallon Capital, and Capital Group Private Markets.

Also Read: Go-Jek reveals winners of Go-Hackathon, awards first winner with US$9K cash prize

Though there has not been any confirmation from Go-Jek about the investment, it has been said that the company will finally aim for regional expansion after focussing in the Indonesian market for a long time.

The investment is cosidered to be an interesting development in the tough battlefield of ride-hailing startups competition in Asia, particularly Indonesia.

This is mainly because Tencent Holdings has been known to have invested in several ride-hailing startups, including Didi Chuxing, which has minority stake and has participated in a funding round for Go-Jek’s competitor Grab.

More on this story as it develops.

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