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Google and Temasek Come as New Investors in Indonesia's Unicorn, Go-Jek

Google and Temasek Come as New Investors in Indonesia's Unicorn, Go-Jek

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.

Go-Jek. Image: Tech in Asia
Go-Jek. Image: Tech in Asia

 

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, as quoted in The Jakarta Globe. 

“Go-Jek’s challenge is not how to grow the business but to have a big pool of funding to support all its services,” he said.

Go-Jek. Image: Marketing Interactive
Go-Jek delivers everything from meals and groceries to cleaners, masseuses and hairdressers. Image: Marketing Interactive

As reported in Reuters, Go-Jek, a play on the local word for motorbike taxis, delivers everything from meals and groceries to cleaners, masseuses and hairdressers across Indonesia, all at the touch of a smartphone app.

The company, which began as a ride-hailing app for motorcycle taxis, was set up by Nadiem Makarim, a graduate of the Harvard School of Business and a former associate with McKinsey, who has quickly become a poster child for start-up success in Indonesia.

While it operates mainly in Indonesia, it is eyeing expansion in the region. Its mobile payment business, Go-Pay, is also growing rapidly.

Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
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