Indonesian unicorn Go-Jek, the ride-hailing, and logistics company have secured a $920 million of fresh funding in their bid of raising $2 billion investment round as it gets ready to battle out with rival Grab. As per the reports on various publications, the company announced that it has secured the funds from existing backers that includes Google, Tencent, and JD.com. While there are no confirmations from any of the involved parties, the reports suggested that the deal will be closed by next week.
The fresh round, once confirmed will value the 2010-founded startup close to $10 billion. The company was started by Kevin Aluwi, Michaelangelo Moran, and Nadiem Makarim. It counts names like Temasek Holdings, Hera Capital, Allianz X, and New World Strategic Investment as other notable investors.
The company as per the reports will be using the funds to grow their presence in new markets and at the same time infuse capital towards their aim of entering the fintech industry. Notably, there were reports that Go-Jek will soon be launching their operations in the Philippines in order to restore the operation which was rejected by the authorities for not meeting local ownership criteria. Interestingly, Go-Jek has their eyes set in the Philippines for sure as they acquired fintech platform Coins.ph just last week for about $72 million.
Singapore-based Grab, the closest rival of Go-Jek has raised about $2 billion from names like Oppenheimer Funds, Ping An Capital, Mirae Asset — Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, All-Stars Investment, Vulcan Capital, Lightspeed Venture Partners and Macquarie Capital along with $1 billion infusions from Toyota.
As Grab continues to bag fresh capital, the battle between the two in the segment will continue to heat up.
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