Go-Jek pulls in $100M more for its massive Series F round

U.S. ride-hailing giants Lyft and Uber are going public in the U.S. imminently, but in Southeast Asia, the two largest on-demand companies are still madly fueling up on investment capital.

The latest update to that story today saw Go-Jek, the Indonesian ride-hailing firm aiming to go regional in Southeast Asia, announce that it has pulled in $100 million from conglomerate Astra, an existing investor, as part of the Series F round it is raising right now. We know Go-Jek is aiming to bring in at least $2 billion from that round — and that it has closed around half of that capital — so the addition from Astra is likely one of many that will take it toward that target.

There’s also a strategic component to this deal.

Astra, for those who are not aware of it, is a $20 billion conglomerate that specializes in manufacturing, automotive and infrastructure industries. It plans to start a joint venture with Go-Jek to equip its cars with Astra’s fleet management system to help improve the way Go-Jek manages its fleet and on-demand services. The rollout will start with “thousands” of Go-Car drivers.

The capital is being raised to expand Go-Jek’s services in Southeast Asia.

The company recently went official with the launch of its Thailand-based Get business. It has also expanded to Vietnam and Singapore over the last year and it is primed to offer its services in the Philippines soon.

Grab, meanwhile, Go-Jek’s key adversary, recently raised $2 billion for its recent Series H round. The company is working to extend that figure to $5 billion with a planned investment of up to $1.5 billion from SoftBank’s Vision Fund in the offing.

https://ift.tt/eA8V8J Go-Jek pulls in $100M more for its massive Series F round https://ift.tt/2TucVOq