SINGAPORE - Indonesian ride-hailing firm Gojek announced on Friday (Feb 1) the close of the initial portion of its ongoing series F round led by existing investors Google, JD, and Tencent. Other participants include Mitsubishi Corporation and Provident Capital.

Industry sources said the amount raised amounted to over US$1 billion. This would value the company at between US$8 billion to US$10 billion.

Gojek said the funds raised will be used to increase its market penetration across its different businesses and strengthen its hand in South-east Asia, following its recent expansion to Singapore, Vietnam and Thailand.

Following the Series F close, Gojek's founders will continue to maintain control over the decision-making and direction of the company.

It is also furthering its strategic partnership with JD.com's Indonesia e-commerce joint venture, JD.id, and last mile delivery logistics joint venture, J-Express (JX).

The partnership will involve collaborations in payment solutions, marketing, and IT with JD.id, enabling the e-commerce platform to reach more Indonesian consumers.

While JX will work with Gojek's courier network to provide customers with nation-wide logistics coverage.