Google, Temasek Coming in as New Investors in Go-Jek: Sources

Go-Jek founder Nadiem Makarim. (Reuters Photo/Beawiharta)

By : Anshuman Daga | on 3:55 PM January 18, 2018
Category : Business, Economy, Featured

Singapore. Google, Singapore state investor Temasek Holdings and Chinese online platform Meituan-Dianping are investing in a fundraising round of Indonesian ride-hailing startup Go-Jek, sources familiar with the matter said.

Go-Jek's existing investors, such as global private equity firms KKR & Co and Warburg Pincus, are also participating in the funding round, which is raising about $1.2 billion in total, the sources said.

They said the funding round opened last year and is expected to close in a few weeks.

The funding by prominent investors including Google gives Go-Jek greater firepower to tackle competition at home from Grab and Uber Technologies, which are viewing Indonesia, Southeast Asia's most populous country, as a large potential market.

"As a strategic investor, Google can add a lot to Go-Jek's business," said one source.

It was not immediately clear how much the investors are pumping in individually.

Google, KKR, Warburg and Temasek declined to comment. Meituan-Dianping and Go-Jek did not immediately respond to requests for comment. The people declined to be identified as they were not authorized to speak to the media.

Go-Jek, which began as a ride-hailing app for motorcycle taxis, operates mainly in Indonesia but is developing a food delivery business. Its mobile payment business, Go-Pay, is also growing rapidly.

Reuters reported last year that JD.com was investing about $100 million in Go-Jek. This followed an investment by Chinese social media and online entertainment firm Tencent Holdings, which is also an investor in JD.com.

Additional reporting by Julie Zhu in Hong Kong

Reuters

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