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The US$500 million expansion targets Vietnam, Thailand, Singapore and the Philippines
Indonesia’s Go-Jek speeds into SEA’s ride-hailing scene
The move will start with ride-hailing services in the four countries before expanding to other services.
Indonesian ride-hailing and online payment firm Go-Jek plans to enter Vietnam, Thailand, Singapore and the Philippines “within the next few months”, investing US$500 million in its international expansion.
The move will start with ride-hailing services in the four countries before expanding to other services.
The company is working with regulators and other stakeholders across the region for the new operations, which will be run by local founding teams who will “determine their own brands and identities to ensure good traction in each new market”, the company said in a statement. Go-Jek will provide the technological support and expertise.
Investors who have poured in funds during the company’s latest fundraising efforts include global technology giants such as Astra International, Google, JD.COM, Meituan, Tencent and Temasek.
The company’s expansion in South-east Asia comes after “a long time”, Go-Jek president, Andre Soelistyo said. “We wanted to make sure that we initiate a plan when we’re in the strongest possible position to do so.”
The expansion hopes to address the lack of consumer choices in the ride-hailing market. “We hope as we arrive in new markets, our presence will provide the welcome competition markets need to thrive,” Go-Jek CEO and founder Nadiem Makarim remarked.
Meanwhile, while Grab’s acquisition of Uber is still under review by the Competition and Consumer Commission of Singapore (CCCS), homegrown carpooling app Ryde Technologies and India’s Jugnoo have dipped their toes into the ride-hailing market with fixed-fare private-hire car service RydeX and the Jugnoo app.