Indonesian startup Go-Jek lands US$550mil funding

  • Consortium comprises KKR, Warburg Pincus, Farallon Capital and Capital Group
  • From ride-hailing, has moved on to become an on-demand services platform
Indonesian startup Go-Jek lands US$550mil funding

 
INDONESIAN mobile on-demand startup Go-Jek has raised US$550 million funding from a consortium of global investment firms, following an undisclosed amount it raised in October, 2015.
 
The consortium consists of KKR, Warburg Pincus, Farallon Capital and Capital Group Private Markets, as well as existing shareholders and other international investors.
 
Go-Jek’s previous investors include Sequoia India, Northstar Group, DST Global, NSI Ventures, Rakuten Ventures, and Formation Group, the startup said in a statement.
 
It said the growth capital injection will help enhance the scale and quality of its mobile on-demand platform and application services.
 
These include motorcycle and car ride-hailing, online food delivery, instant courier deliveries, lifestyle services, as well as its e-wallet.
 
“With [our investors’] support and investment, Go-Jek is poised to build on its initial success to become the largest on-demand application of choice for all Indonesians,” said cofounder and chief executive officer Nadiem Makarim (pic above).
 
Go-Jek will also leverage its new investors’ investment experience in the telecommunications, media and technology (TMT) space as well as their global network of partners to deepen its offerings in Indonesia, and potentially across the region, it added.
 
“Go-Jek is unique in its ability to be the No 1 service provider across almost all key categories, and the company has a real opportunity to strengthen its position as a leading mobile platform in Indonesia,” said KKR director Terrence Lee.
 
“The foundation of GO-JEK’s success is its focus on providing innovative, convenient and cost-effective online solutions that improve its customers’ everyday lives,” he added.
 
Meanwhile, Warburg Pincus’ South-East Asia head Jeffrey Perlman said,With [Indonesia’s] rapidly expanding middle class, increasing urban density and a young demographic that is Internet savvy, Go-Jek is well-positioned to become the ‘go to’ platform for high frequency daily services including transport, food, logistics and payment.”
 
Go-Jek said its mobile apps have been downloaded more than 20 million times as of June 30, 2016. In June 2016 only, there were over 20 million bookings on its platform, translating to roughly eight bookings per second being processed in that month, it claimed.
 
KKR is making its investment from its Asian Fund II, and Warburg Pincus from an affiliate of Warburg Pincus Private Equity XII. The transaction is subject to customary approvals. Additional terms of the transaction were not disclosed.
 
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