Mitsubishi expands commitment to Go-Jek's Series F
Indonesia-based ride-hailing and online services platform Go-Jek has received a fresh investment of undisclosed size from Mitsubishi Corporation - as well as two other units of the Japanese conglomerate - as part of its ongoing Series F round.
Mitsubishi participated in the first phase of the Series F round in February, along with investors such as Google, JD.com, and Tencent Holdings. It has now been joined by Mitsubishi Motors and Mitsubishi UFJ Lease & Finance.
Go-Jek expects to raise around $2 billion in total for the round at a valuation of up to $10 billion. The capital will be used to fuel expansion in Southeast Asia, particularly in Indonesia, where the company is engaged in a fierce battle with its regional rival Grab. Grab is currently raising its Series H round, which has a target of $6.5 billion and values the company at $10 billion.
Both Grab and Go-Jek began as ride-hailing apps but have diversified into a range of consumer segments, including food delivery, last-mile logistics, financial services, and electronic payments. The aim is to consolidate a wide range of operations into a single super-app like China's WeChat that can serve as a platform for the daily needs of users across the region.
The new Mitsubishi investment cuts across Go-Jek's automotive and finance verticals, and the Japanese company plans to leverage Go-Jek's platform to develop new mobility services and financing options aimed at Southeast Asian consumers.
"By bringing together Mitsubishi Motors and Mitsubishi Corporation's long and strong presence and brand power in Southeast Asia, as well as Go-Jek's diversified and unique business potentials, we foresee creation of synergies and innovation that will boost growth of all three parties," said Osamu Masuko, chairman of Mitsubishi Motors, in a statement.
Grab has also attracted a considerable amount of strategic investments from various industries. Car makers feature strongly among its investor base, with commitments from the likes of Hyundai, Yamaha Motor, and Toyota Motor Corporation. Additional support comes from such global technology players as Microsoft and travel site operator Booking Holdings.
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