Google to Invest in Go-Jek

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Google is set to invest in Indonesia ride-hailing company Go-Jek as the start-up is expected to also receive funding from two other investors in its latest fundraising efforts, Reuters reports.

The round of funding, the report says, will see Google, Singapore state investor Temasek Holdings Pte. Ltd., and Chinese online platform Meituan-Dianping pouring investment into Go-Jek, which has recently announced the acquisition of three local fintech companies.
However, the three will not be the only companies involved in the funding round, as Go-Jek’s existing investors such as global private equity firms KKR & Co LP and Warburg Pincus LLC will also be participating. In total, the investments will raise about US$1.2 billion, the sources said. However, it is not clear how much the investors are pumping in individually.

The new round of investment will give Go-Jek additional incentive in its efforts to dominate the Indonesian ride-hailing market, which is seeing serious competition from Grab and Uber.
Grab acquired e-commerce platform Kudo earlier in the year and has also announced last month that it has reached a partnership agreement with popular local payment app Paytren.

Photo source: rtv.co.id

 

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