In an internal memo, Gojek said the latest funding of US$1.2 billion brings its ongoing Series F round close to US$3 billion in total.

Alanna Tan  |  Singapore
Published 2020-03-17 14:42:43

Indonesian ride-hailing giant Gojek has beefed up its ongoing fundraising with a fresh US$1.2 million investment.

According to a Bloomberg report, the funds were secured just last week, although the investors behind it are not revealed.

In an internal memo to employees, Gojek said its current Series F financing round is now coming close to US$3 billion in total.

This is already higher than its initial target, which was to raise US$2.5 billion for this round.

Its first close kicked off early last year with US$1 billion raised from big names like Google, JD.com and Tencent.

The everyday app’s Co-CEOs Andre Soelistyo and Kevin Aluwi added that they are “not stopping there”, as the company continues to receive strong demand from investors.

Gojek will be using the funds to keep expanding its business despite the challenging economic outlook.

Their ability to attract funding in the current environment suggests that investors seem to be confident.

On top of that, it also shows that the transition of leadership has been smooth following Gojek co-founder Nadiem Makarim’s departure from the company to pursue politics.

The investment puts Gojek in a strong position to compete heavily with rival company Grab.

Last month, The Information was tipped off that both unicorns were in discussion for a potential merger. Gojek shortly stepped out to refute the allegations.

Featured Image Credit: Kompas Tekno

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