SINGAPORE - Indonesia's ride-hailing start-up Go-Jek announced on Thursday (May 24) that it will invest about US$500 million (S$672 million) to move into four new markets in the next four months - Singapore, Vietnam, Thailand and the Philippines.
The move will heighten its rivalry with Singapore-based Grab, which already operates in Indonesia, South-east Asia's largest ride-hailing market.
The expansion into the four countries will start with ride-hailing services, but the company is also aiming to replicate its other services offered in Indonesia to its new markets, Go-Jek added.
It said it is currently working with regulators and other stakeholders across the region to pave the way for the new operations.
Go-Jek also said it will seek out local partners with interests and expertise in each of the new markets.
Go-Jek has reportedly been in talks with Singapore taxi giant ComfortDelGro to explore a tie-up. Both companies said last month they would not comment on rumours or speculation.
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.
The company said on Thursday that its latest fund-raising round brought investment from Astra International, Google, JD.com, Meituan, Tencent and Temasek among others.
Go-Jek chief executive and founder Nadiem Makarim said: "Consumers are happiest when they have choice, and at the moment, people in Vietnam, Thailand, Singapore and the Philippines don't feel that they're getting enough when it comes to ride-hailing.
"We hope that as we arrive in new markets, we will quickly become everyone's go-to lifestyle app. That is our aspiration. In the meantime, we hope our presence will provide the welcome competition markets need to thrive."