Go-Jek raises $1 B from Tencent, Internet giants

Go-Jek has raised just over $1 billion in its latest funding round from a clutch of internet giants including Google, JD.com Inc. and Tencent Holdings Ltd., a person with knowledge of the financing said.

The fund-raising doubled the Southeast Asian ride-hailing giant’s valuation to about $10 billion, the person said, asking not to be identified talking about a private deal. Other investors in the first close of its ongoing Series F round included Mitsubishi Corp. and Provident Capital, GoJek said in a statement without disclosing financial details. The company declined to comment on its valuation.

The Southeast Asian car-hailing startup aims to expand swiftly, going head-to-head with Singapore-based Grab in everything from mobile payments to food delivery.

Go-Jek said it will use the proceeds to shore up its leadership in Indonesia and expand to other markets around the region. Grab said this week it raised more than $3 billion in 2018 as part of its Series H financing round. (Bloomberg)