Google, Temasek coming in as new investors in Indonesia’s Go-Jek: sources

Google, Temasek coming in as new investors in Indonesia’s Go-Jek: sources

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SINGAPORE (Reuters) – Alphabet Inc’s Google (GOOGL.O), Singapore state investor Temasek Holdings and Chinese online platform Meituan-Dianping are investing in a fundraising round of Indonesian ride-hailing start-up Go-Jek, sources familiar with the matter said.

Go-Jek’s existing investors such as global private equity firms KKR & Co LP (KKR.N) and Warburg Pincus LLC 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 Inc 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.

Alphabet Inc1139.1
GOOGL.ONASDAQ
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GOOGL.O
  • GOOGL.O
  • KKR.N
  • JD.O
  • 0700.HK

Google, KKR, Warburg and Temasek [TEM.UL] 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 authorised 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 Inc (JD.O) was investing about $100 million in Go-Jek. This followed an investment by Chinese social media and online entertainment firm Tencent Holdings Ltd (0700.HK), which is also an investor in JD.com.

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