Go-Jek Secures $920 Million at $9.5 Billion Valuation Amid Rivalry with Grab
Southeast Asian ride-hailing giant Go-Jek raises an initial $920 million from existing backers like Google and Tencent. The new round values the company at $9.5 billion as it seeks to expand its services and compete with Grab.
Southeast Asian ride-hailing company Go-Jek secures approximately $920 million from existing investors, including Google, Tencent, and JD.com. This initial investment values the Indonesia-based startup at around $9.5 billion and forms the first part of a larger effort to raise up to $2 billion in fresh capital.
The company plans to use the new funds to expand into additional markets and strengthen its fintech services. Raising this capital takes on increased urgency as Go-Jek fights to maintain its competitive edge against Grab, which absorbed Uber's regional operations and currently dominates the Southeast Asian ride-sharing landscape.
Go-Jek delays this funding round while it works to clean up its cap table by buying out early investors and former employees. Additionally, the company engages in lengthy discussions to potentially acquire JD.id, a local e-commerce business valued at over $1 billion, though these acquisition talks reportedly stall without a resolution.