Indonesia's ride-hailing start-up Go-Jek announced on Thursday (24th May) that it will invest about US$500 million ($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.
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 raised about US$1.5 billion ($2 billion) in a fundraising round in February, higher than its initial target of US$1.2 billion ($1.6 billion). The company said on Thursday its latest fundraising round brought investment from Astra International, Google, JD.com, Meituan, Tencent and Temasek among others.
Go-Jek CEO 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."
