Allianz invests $35m in Indonesia's Go-Jek
Germany-based financial services giant Allianz Group has confirmed a $35 million investment in Indonesian ride-hailing and delivery platform operator Go-Jek.
It follows a $1.5 billion Series E round for Go-Jek closed last month with contributions from Tencent Holdings, JD.com, Meituan-Dianping, Google, Temasek Holdings, BlackRock, and Samsung Venture Investment. It is not clear if the Allianz commitment represents a separate transaction.
Allianz executed the deal via its digital investment unit Allianz X, and is touting itself as Go-Jek’s sole international insurance shareholder. The investment marks Allianz X’s first deployment to a Southeast Asia-headquartered company and is expected to increase access to insurance products and services for Go-Jek customers.
“Go-Jek is an absolute digital unicorn in Indonesia and through this investment, Allianz and Go-Jek will strengthen their ties and collaboration further,” Joos Louwerier, president director of Allianz Life Indonesia, said in a statement. “Together we can offer unique financial products and services to the wider Go-Jek community.”
Allianz Indonesia and Go-Jek started their strategic partnership in 2016, with the insurance company providing health cover services to Go-Jek drivers. In 2017, this offering was expanded to allow drivers to purchase health insurance for their families. Go-Jek has more than one million registered drivers serving customers in more than 50 cities across Indonesia.
Founded in 2010 as a motorcycle taxi service, Go-Jek has expanded into a number of divisions, encompassing areas including ride-hailing, parcel delivery, online-to-offline services, and payments. It raised its Series D round in mid-2016 at a valuation of $1.2 billion and is now said to be worth as much as $5 billion.
Munich-based Allianz X claims to have made at least 15 investments globally since 2013, primarily in developed markets. Focus segments include mobility, connected property, connected health, wealth management and retirement, and data intelligence and cybersecurity.
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