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Go-Jek secures additional $100M in funds from Astra International

Author : Saipriya Iyer | Published Date : 2019-03-05 

Go-Jek, the Indonesian ride-hailing & logistics startup, is currently in the news for raising another $100 million in its ongoing Series F investment round, with the help of which the company aims to secure at least $2 billion in the long run.

As per trusted sources, the latest cash influx comes from one of the existing investors, Astra International, the Indonesia-based company operating in industries including infrastructure, automotive, agribusiness and manufacturing.

Sources further claim that the further investment, which brings Astra’s total investment in the firm to nearly $250 million, comes along the heels of an agreement between the two companies to enter into a joint venture that has innumerable Go-Jek drivers’ vehicles, including Go-Car, pre-installed with the fleet management system of Astra. Reportedly, the venture is aimed at providing opportunities for the partners to offer online, door-to-door transportation services.

Nadiem Makarim, Founder and CEO of Go-Jek, was quoted saying that the industry players should collaborate in an attempt to augment the potential of the digital economy of Southeast Asia, mostly in Indonesia. He added that the incorporation of Astra’s major foothold in the automotive sector and Go-Jek’s best technology is expected to offer many more prospects for people to increase their incomes and enhance their welfare. 

According to a report by Deal Street Asia, Go-Jek has been determined to expand its services all across the Southeast Asian region in the recent months. Its Series F funding round has already raised over $1 billion from investors including Provident Capital, Google, Mitsubishi Corp., Tencent Holdings Ltd. and JD.com.

It was further reported that the Vietnam and Singapore markets are currently operating on the Go-Jek app’s beta version. The company last year revealed that it had plans to expand its services to Myanmar, Cambodia and Malaysia in 2019. For the record, Go-Jek hired Citibank last month for securing $2 billion more through equity & debt financing.

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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