Go-Jek sets foray into Grab territory
The Indonesian start-up is taking the plunge after Uber Technologies Inc. agreed in March to swap its Southeast Asian business for a 27.5 per cent stake in Grab, thereby withdrawing from a hotly contested region of more than 600 million people.
"We believe the best way for us to expand internationally is by partnering with talented local teams who share our vision and know exactly what will work best in their home countries", Go-Jek CEO and founder Nadiem Makarim said in a statement.
Initially, Go-Jek will start with its ride-hailing model in the newer geographies and then will look to replicate its multiple-service business model.
Go-Jek operates a fleet of motorcycle taxis, private cars and other services-from massage and house cleaning to grocery shopping and food delivery-all available at smartphone users' fingertips. It said each of the overseas businesses will have local founders and develop their own brands "to ensure good traction in each new market". 56% of Indonesian picked Go-Jek as their most often used ride-hailing app, while 33% preferred Grab. A press statement shared by the company said Go-Jek is now working with regulators and other stakeholders across the region to pave the way for its new forays.
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Just last month, Singapore taxi operator ComfortDelGro was said to be exploring a new deal with Go-Jek, after a partnership with Uber - which has since exited Singapore - fell through. In 2017, it had acquired 3 fintech companies to boost its presence in Indonesia's digital payments sector.
Go-Jek raised about US$1.5 billion in a fund-raising round in February, higher than its initial target of US$1.2 billion.
Behind the bleeding war between Grab and Go-Jek, world-class investors and conglomerates are paying the bill. It also has JD.com, Sequoia Capital, Rakuten, Warburg Pincus, KKR as existing investors prior to the latest round. It was in talks to raise as much as United States dollars 1 billion in fresh funds, people familiar with the matter told WSJ.
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