A consortium of global investment firms are to make a substantial investment in GO-JEK, an Indonesian on-demand mobile platform.
This equity capital raise of over USD550 million, which represents the company’s latest round of financing, is comprised of leading investors including KKR, Warburg Pincus, Farallon Capital and Capital Group Private Markets, as well as existing shareholders and other international investors. Previous investors include Sequoia India, Northstar Group, DST Global, NSI Ventures, Rakuten Ventures and Formation Group.
The growth capital injection will help enhance the scale and quality of GO-JEK’s on-demand platform and application services, which have leading positions across multiple verticals. Among GO-JEK’s services are motorcycle ride-hailing, online food delivery, instant courier deliveries and lifestyle services, as well as services in the fast growing e-wallet and car ride-hailing segments. Each of these services addresses the daily needs of Indonesian urbanites. GO-JEK will additionally leverage the new investors’ investment experience in the telecommunications, media and technology (“TMT”) space as well as their global network of partners to deepen its offerings in Indonesia and potentially across the region.
Terence Lee, Director at KKR Asia, says: “GO-JEK is unique in its ability to be the number-one service provider across almost all key categories and the company has a real opportunity to strengthen its position as a leading mobile platform in Indonesia. The foundation of GO-JEK’s success is its focus on providing innovative, convenient and cost-effective online solutions that improve its customers’ everyday lives. This ingenuity is the result of the innovation, vision and execution of Nadiem and his high caliber team and we look forward to continuing to attract world-class talent to one of the world’s most dynamic tech companies.”
Jeffrey Perlman, Head of Southeast Asia for Warburg Pincus, says: “We are excited to partner with Nadiem, Kevin, Andre and the entire GO-JEK management team. With a rapidly expanding middle class, increasing urban density and a young demographic that is internet savvy, GO-JEK is well positioned to become the ‘go to’ platform for high frequency daily services including transport, food, logistics and payment. We look forward to leveraging our global network of partners and experience in the technology and consumer sectors to help the company build the leading internet platform in Indonesia and across the region.”
GO-JEK’s mobile applications have been downloaded more than 20 million times as of June 30, 2016. In June 2016 only, there were over 20 million bookings on the GO-JEK platform, translating to roughly eight bookings per second being processed in that month.
Nadiem Makarim, Co-Founder and CEO of GO-JEK, says: “We are extremely humbled and excited to work with such world-class partners. KKR, Warburg Pincus, Farallon, Capital Group and other participants in this fundraise not only bring global experience in the TMT sector, but they are also experienced local partners. With their support and investment, GO-JEK is poised to build on its initial success to become the largest on-demand application of choice for all Indonesians and improve the daily lives of more than 200,000 motorcycle and car driver partners, more than 35,000 GO-FOOD merchants whose businesses we helped grow and more than 3,000 service providers on our other on-demand services.”
Andre Soelistyo, GO-JEK Group CFO and Head of Strategy, adds: “We are proud and honoured that we have been given the opportunity to push Indonesian society forward with technology and empower the hundreds of thousands of micro entrepreneurs on our platform across the entire nation with the potential to further expand our services across the region.
