In brief: Go-Jek said to be near closing of $2b round

Go-Jek, Indonesia’s most valuable technology startup, is in talks to raise at least US$2 billion to fuel an accelerated expansion overseas, according to a person with direct knowledge of the matter.

The Jakarta-based company plans to close the funding round in several weeks, the person said, asking not to be identified because the information is private.

Source: Bloomberg

Go-Jek is said to have raised US$1.5 billion in a funding round that closed earlier this year – with Google, JD, Meituan-Dianping, Temasek, and Tencent among the reported investors – though this has not been officially confirmed by the company itself.

In May, the Indonesian ride-hailer unveiled a US$500 million plan to expand beyond its home country for the first time. Its Vietnamese app – branded as Go-Viet – went live last month, with Go-Jek claiming that it has already cornered 35 percent of Ho Chi Minh City’s motorbike-hailing market.

Singapore-based archrival Grab said it expects to raise US$3 billion in venture funding this year, as the race between the two to become Southeast Asia’s “super-app” accelerates.