Indonesian Uber rival Go-Jek in talks to raise US$1 billion as Southeast Asia race heats up
The Jakarta-based startup is hoping to make a stand in the region’s largest economy
Indonesia motorcycle-hailing startup Go-Jek is in talks with investors to raise an additional US$1 billion, as the company battles Uber and Singapore’s Grab for a share of the fast growing Southeast Asian market, reports the Wall Street Journal.
Google and Singapore state investment firm Temesek Holdings estimate that the region’s ride-hailing market will grow 18% per year to reach more than US$13 billion by 2025.
Sources close to the talks said that the new round of investments would bring Go-Jek’s pre-money valuation to around US$2 billion.