Indonesian super app Gojek has closed US$1.2 billion in new funding, the company said in an internal memo.
The money in this tranche is all new and does not include money from previous announcements, a person familiar with Gojek says.
This long-awaited update follows the company’s US$1 billion raise in the first close of its series F round last year. Google, JD.com, and Tencent were involved in the first close, which was said to value the company at US$9.5 billion.
Photo credit: Tech in Asia Indonesia
From 2019 onward, the company has secured close to US$3 billion, which exceeded its US$2.5 billion target, it revealed in the internal memo.
Gojek has raised over US$5 billion since its inception. Its rival Grab, meanwhile, has hauled in nearly US$10 billion, although those resources are being deployed across Southeast Asia.
Gojek declined to comment for this story. An email announcing the news was sent out today to GoTroops – the moniker for Gojek employees.
Despite the new funding, the company is closely monitoring its spending.
“We have always been good at doing more with less and this ability is going to be more important than ever over the coming months,” the company said in the memo.
“As the economic slowdown takes hold, the availability of that investment will be reduced, so we should focus every dollar where we think it will make the most impact and not take our resources for granted.”
The fundraising comes amid merger talks between Grab and Gojek that have intensified this year, according to The Information. Any potential merger, however, will likely see pushback from authorities.
Editing by Charmaine de Lazo
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