Gojek on pace to bag up to $2.5b in ongoing series F round, top exec says

Ride-hailing giant Gojek is on track to raise between US$2 billion and US$2.5 billion in its ongoing series F fundraise as it looks to continue expanding into mobile payments and food delivery, company president Andre Soelistyo said in an interview with Bloomberg.

Photo credit: Go-Jek

The development comes as Gojek experiences growth in its relatively new markets of Singapore, Vietnam, and Thailand, and in its food delivery and mobile payments businesses.

The Indonesian unicorn has generated US$1.5 billion in gross merchandise volume outside of its home country during the last nine months, and it plans to continue investing in growth opportunities in those markets, said Soelistyo. Gojek is also looking to enter two more countries in the near future.

The food business is on track to grow by over 2.5x in 2019. In Indonesia, “penetration is still relatively low, so the opportunity is still very large to actually present more and more growth,” Soelistyo said.

Since the start of the year, Gojek has been attracting some major names for its ongoing round.

In February, the company announced the first close of its series F round, which included funding from existing investors Google, JD, and Tencent. Those who followed on include companies such as Asta, Mitsubishi, and Visa.

In the middle of its ongoing raise, Gojek also launched a rebrand in an effort to strengthen its position as a super app. With the rebrand, the company said its next phase of growth will be centered around its integrated ecosystem, marking its evolution from a Jakarta-based ride-hailing service to a system of on-demand services.

Grab, Gojek’s archrival, was also busy raising capital. In June 2018, the company announced US$1 billion of fresh funding from Toyota, which is leading its series H round.

Companies such as Kia, Hyundai, Microsoft, Booking.com, Kasikornbank, Experian, and global financial institutions OppenheimerFunds, Goldman Sachs, and Citi Ventures have participated in the round.