Southeast Asian ride-hailing firm Go-Jek is reportedly making significant progress in its plans to raise up to $2bn from investors to help its expansion and add more fuel to its battle with regional rival Grab.
Go-Jek has received $920m of fresh capital in closing a portion of the $2bn funding round after existing investors, including the likes of Google, Tencent, and JD.com, agreed to show Go-Jek the money, according to TechCrunch. The latest round of investment in Go-Jek values the company at around $9.5bn.
Having convinced existing investors to cough up some cash, Go-Jek has now turned its attention to seeking fresh investors for the remaining $1.1bn or so it’s looking to secure in funding. The company, which was founded in 2010, has raised more than $3bn across various funding rounds to date.
Earlier this month, Go-Jek expanded its ride-hailing service across all of Singapore, having been trialling the service in select areas of the island since November. In May 2018, it announced its plans to invest $500m on expanding to Vietnam, Thailand, the Philippines, and the aforementioned Singapore.