Google and Temasek are investing in Go-jek, the Indonesia-based rival to Uber and Grab as part of a $1.2 billion fundraising round, enhancing the ride-hailing firm chances to compete with its rivals.
Meituan-Dianping, the chinese online platform is also joining the round along with the existing investors KKR and Warburg Pincus.
“As a strategic investor, Google can add a lot to Go-Jek’s business,” said one source. “Go-Jek’s challenge is not how to grow the business but to have a big pool of funding to support all its services,” he said.
Will this help Go-jek outreach competitors? Especially that competition has also increased its rounds by significant multiples?