Go-Jek plans to raise $2B more for Southeast Asia ride-hailing battle

Indonesia’s Go-Jek is planning to raise $2 billion from investors to fuel its ride-hailing battle with Grab in Southeast Asia.

Go-Jek raised $1.5 billion earlier this year from investors that include Chinese trio Tencent, Meituan and JD.com, as well as Google, Allianz and Singapore sovereign fund Temasek. Now it is planning to raise a further $2 billion, two sources with knowledge of details told TechCrunch, as it seeks to expand on numerous fronts.

Those plans include both extending the scope of its services in Indonesia — where beyond rides it offers services on demand and financial products — and moving into new markets. The company recently went live in Vietnam, its first expansion, and it has plans to enter Thailand, the Philippines and Singapore this year.

Bloomberg first reported the fundraising plans, although a source told TechCrunch that the deal is far from being done. Existing investors — which also include KKR and Warburg Pincus — are likely to provide the new capital.

Word of Go-Jek’s financing plan comes after Grab raised $2 billion this summer, including a $1 billion contribution from Toyota.

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