Indonesian Ride-Hailing Giant Go-Jek Tops $1 Billion in Latest Funding Round
Go-Jek secures over $1 billion in the first close of its Series F round, bringing its valuation to approximately $9.5 billion as it battles Grab for Southeast Asian dominance.
Indonesian ride-hailing company Go-Jek officially announces the first close of its Series F funding round, bringing in over $1 billion from investors. The round is led by existing backers Google, Tencent, and JD.com, with additional participation from Mitsubishi Corporation and Provident Capital. This initial phase values the company at approximately $9.5 billion as it pursues a total fundraising goal of $2 billion.
Go-Jek plans to use this fresh capital to strengthen its core operations in Indonesia while aggressively expanding its footprint across Southeast Asia. The company currently offers a mix of transportation, food delivery, and financial services tailored to each specific market, operating motorbike taxis in Vietnam and Thailand and four-wheeled vehicles in Singapore. These combined services currently span 204 cities, utilizing two million drivers and 400,000 merchants.
This massive injection of cash directly fuels Go-Jek's fierce regional rivalry with Grab, which dominates eight countries after acquiring Uber's local business. While Grab boasts over three billion total rides and $1 billion in 2018 revenue, Go-Jek counters with claims of 130 million app downloads and $6.7 billion in annualized gross merchandise volume across its three active markets. The intense competition between the two super-apps continues to drive rapid growth and massive funding across the region.