Go-Jek clinches over $1.35b in Series F funding round
The funding round was led by Google, JD.com and Tencent.
Go-Jek completed the first phase of its Series F funding round which racked in over $1.35b (US$1b) led by Google, JD.com, Tencent, an announcement revealed.
The funds collected will be used to deepen the firm’s market penetration in Indonesia, as well as strengthen its expansion in the Southeast Asia region. The firm also revealed it would continue its strategic partnership with the JD.com joint venture (JV) logistics delivery service J-Express (JX) and JD.id to develop logistics capabilities and e-commerce services from upstream to downstream.
Go-Jek’s total gross transaction value (GTV) is reportedly at more than $12.16b (US$9b) whilst its yearly total transaction volume hit $2.7b (US$2b) in 2018.
“Go-Jek started from ride-hailing, but in a short time, we have become an industry leader in a variety of key services such as transportation, food delivery services, digital payments, logistics and business partner services,” Go-Jek Group’s CEO Nadiem Makarim said in a statement.
Go-Jek extended the beta phase of its ride-hailing app to all Singapore consumers on 10 January as part of its effort to fine-tune is services and user experienced based on feedback received from its riders and driver-partners. Go-Jek launched its initial beta phase in Singapore on 29 November 2018 wherein DBS and POSB customers were given priority access.
According to the statement, Go-Jek and its affiliates operate in five countries covering 204 cities and counties in Southeast Asia, with a network of over 2 million driver-partners and 400,000 merchant partners.