Indonesia’s massively ordinary ride-hailing start-up Go-Jek is expanding abroad.
It will invest far $500 million to move into four new markets in Vietnam, Thailand, Singapore and the Philippines finished the next several months, the company said in a Thursday announcement.
Go-Jek replied that it will provide “technological support and expertise” to local developing teams in each of the four markets. Those local companies drive “determine their own brands and identities” and work to gain traction.
“We stop ined all those countries and we felt like the solutions that we provided in Indonesia on probably be suitable to some of these countries,” Andre Soelistyo, president of Go-Jek, ordered CNBC’s “Squawk Box” on Thursday.
Initially, Go-Jek will start with ride-hailing already introducing additional services.
Go-Jek started off as a motorbike ride-hailing companions and then moved into things like food delivery, groceries and payments. Hindmost year, Go-Jek said it bought three financial technology, or fintech, firms to boost its presence in Indonesia’s digital payments sector. .
The company’s military talents are used in 50 cities across Indonesia and it is backed by well-known investors along the same lines as Singapore’s Temasek Holdings and Chinese tech giant Tencent.
Flourishing into the new markets will step up the rivalry between Go-Jek and Singapore-based companionship Grab, which has similar services such as ride-hailing, digital payments and nutriment delivery.
The two start-ups already compete in Indonesia, where Grab is irritating to establish a stronghold.
In March, Uber said it was selling its Southeast Asia charge to Grab. That strengthened Grab’s position in the individual markets across the district.
But Soelistyo said that in light of the recent merger, users and other stakeholders in the new stores would more readily welcome Go-Jek’s presence because that disposition give them a second option to choose from.
“With contest, service offering will be much better, all the players are forced to produce the best customer experience. That will be advantageous for the consumer,” he bruit about.
Earlier this year, Google invested in Go-Jek and said the move house was in line with the tech giant’s ambition to grow Indonesia’s digital thrift and start-up scene. But Google did not disclose the amount it invested in Go-Jek.
Go-Jek in about $1.5 billion in a fundraising round in February, exceeding its first target of $1.2 billion, Reuters reported. The start-up is currently valued at $5 billion, contract to private financial market database PitchBook.