As reported in Bloomberg Business on 4 August 2016 by Yoolim Lee. More details can be found here.
Go-Jek has secured more than $550 million in a new round of funding led by KKR & Co. and Warburg Pincus LLC, the largest ever for an Indonesian technology startup as investors pour capital into the region’s burgeoning ride-hailing industry.
Go-Jek, which provides motorcycle rides on demand, will use the funds to compete with Uber Technologies Inc. and Grab, two private car-hailing startups now beginning to offer two-wheeled services on its home turf. Farallon Capital Management and Capital Group Private Markets, plus existing shareholders and other international investors, also participated in the round.
“The mobile-enabled transport services sector is attracting global attention,” said Shane Chesson, a partner at NSI Ventures, Go-Jek’s first institutional investor. “Go-Jek’s fund-raise stacks up well relative to what we have seen in broader multi-market opportunities.”