Google, JD, Tencent said to help Gojek raise $1.4b

Indonesian ride-hailing firm Gojek has raised an estimated US$1 billion (S$1.35 billion) in its latest financing round, say industry sources.

The exercise was led by existing investors Google and Chinese Internet giants JD and Tencent. Other participants included Mitsubishi Corporation and Provident Capital.

If the amount raised was around US$1 billion, it would value the company at between US$8 billion and US$10 billion, according to market insiders.

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

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

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

If the amount raised was around US$1 billion (S$1.35 billion), it would value the company at between US$8 billion and US$10 billion, say market insiders.

A version of this article appeared in the print edition of The Straits Times on February 02, 2019, with the headline 'Google, JD, Tencent said to help Gojek raise $1.4b'. Print Edition | Subscribe