Brief: Go-Jek reportedly about to raise $1b to fight off Uber and Grab in Indonesia

Photo credit: Go-Jek.

• Indonesian ride-hailing dynamo Go-Jek is reportedly talking to investors to raise US$1 billion at a pre-money valuation of US$2 billion.
• The fundraise would help the company battle Uber and Grab, both of which have introduced similar motorbike-based transportation services. Go-Jek has been steadily diversifying its offering with services ranging from food delivery to peer-to-peer payments.
• All three companies are fighting for a piece of the Southeast Asian ride-hailing market, but they recently came together to fight off regulatory amendments put forward by the Indonesian government.
• Go-Jek raised US$550 million in August 2016 from KKR, Warburg Pincus, Farallon Capital, Capital Group Private Markets, and other international investors.

Source: Wall Street Journal