Indonesia's Go-Jek secures $1.5b Series E round
Indonesian ride-hailing and delivery platform Go-Jek has closed its Series E round at $1.5 billion with contributions from the likes of Tencent Holdings, JD.com, Meituan-Dianping, Google, Temasek Holdings, BlackRock, and Samsung Venture Investment.
AVCJ previously reported that the transaction was structured as a Series E and a Series E-plus round, with an anticipated post-deal valuation of more than $5 billion. Go-Jek raised its Series D round in mid-2016 at a valuation of $1.2 billion. Several investors from the Series D re-upped, including KKR, Warburg Pincus, Sequoia Capital India, and Northstar Group. Shunwei Capital Partners also took part.
Google said in January that it would back Go-Jek, and then two local strategic investors confirmed their participation. Astra International, Indonesia’s largest automotive distributor, put in $150 million, while Djarum Group, a tobacco maker that also controls Bank Central Asia (BCA) committed capital through GDP Venture. Neither was named in the release confirming closure of the Series E.
Go-Jek takes its name from the ojek motorcycle taxis that are part of urban life in Indonesia. It started in 2011 as a call center-based business but re-launched as a mobile app three years later, around the time NSI Ventures took part in a Series A round. Northstar joined the Series B and C rounds, although the timing of these investments has not been disclosed. Other backers include DST Global, Rakuten Ventures, and Formation Group.
The company has expanded into numerous verticals and now has three divisions: Go-Jek for ride-hailing and an array of delivery services covering parcels, groceries, prepared meals, tickets, and medicines; Go-Life for online-to-offline local services such as home cleaning, auto repairs, and in-home massage and beauty services; and Go-Pay for payments.
The company is present in 50 cities in Indonesia, has 25 million registered users, and claims to facilitate 50 million transactions each month, with an annualized total transaction value in excess of $2.1 billion.
Completion of the funding round was announced by China International Capital Corporation (CICC), which served as financial advisor for Greater China.
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