Startups Venture

Indonesia’s Gojek Reportedly Lands $1.2B For Expansion

Ride-hailing startup Gojek raised $1.2 billion, bringing total funding for its Series F round to nearly $3 billion, according to a new report from Bloomberg.

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The company, which is based in Indonesia, provides a wide range of services, from rides to payments to food delivery.

Gojek’s investors include Google, Tencent Holdings and Visa. The company first raised money with its $2 million Series A in December 2014, and has more than $4.5 billion in funding, according to Crunchbase.

The financing deal was finalized over the past week, Bloomberg reported. It’s an impressive sum that comes as the world economy feels the effects of the coronavirus pandemic. The U.S. stock market, for example, has sunk and investors have suggested that there will be a slowdown in venture capital funding.

“We’re not stopping there as we are still seeing strong demand among the investment community to partner with us,” co-CEOs Andre Soelistyo and Kevin Aluwi wrote in an internal memo to employees, which was obtained by Bloomberg. “There are a number of exciting ongoing conversations that we will be able to update you on very soon.”

Gojek competes perhaps most notably with Singapore’s Grab, another ride-hailing giant that’s trying to be the “everything in one” app with rides, payments, food delivery and other services. Grab–which has nearly $10 billion in funding, according to Crunchbase–and Gojek were reportedly in talks about a merger, though Gojek denied it, according to Bloomberg.

Illustration Credit: Li-Anne Dias

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