Indonesia-based Go-Jek raises $1.5B in latest funding

Indonesia-based ride-hailing company Go-Jek has raised $1.5 billion in a funding round from a dozen investors including BlackRock and Google. The development was first reported by Reuters.

“Go-Jek is led by a strong Indonesian management team and has a proven track record of using technology to make life more convenient for Indonesians across the country. This investment lets us partner with a great local champion in Indonesia’s flourishing startup ecosystem, while also deepening our commitment to Indonesia’s internet economy,” wrote Caesar Sengupta, VP of Google’s Next Billion team which focuses in emerging markets.

Go-Jek said the funding was aimed at developing technology for micro, small and medium enterprises in Indonesia. Sources said BlackRock and Temasek are investing about $100 million each in Go-Jek’s latest fundraising.

Go-Jek offers motorbikes and taxis on demand, as well as local services like grocery delivery and mobile payments. It is widely thought to be ahead of Grab and Uber in Indonesia, which is the largest economy in Southeast Asia, a region with more than 600 million consumers and rising internet adoption.

With the investment money, Go-Jek is now valued at roughly $5 billion and will be able to compete better in Southeast Asia.