JAKARTA (TheInsiderStories) – GO-JEK, an Indonesia ride-hailing and on-demand apps joined launched Go-VIET in Vietnam today (01/08) and in September to operate GET in Thailand, as the first wave of its international expansion. The unicorn also aims expand to Singapore and Philippines before the end of 2018.
Starting today, Go-VIET has live in the Apple Apps Store and Google Play and covers an initial 12 districts in Ho Chi Minh City with a motorbike on-demand service. It said, the startup will be run by local founding management teams, with GO-JEK providing knowledge and expertise as well as technology and investment.
While, GET, the brand being introduced in Thailand, will launch soon afterwards following consultation with local stakeholders including government, drivers and consumers. Both companies will initially launch ride-hailing and on-demand logistics services before moving on to food delivery and payments.
GO-JEK CEO and Founder Nadiem Makarim on June 26, said: “We believe that these in-country teams have the knowledge and experience to make the businesses in Vietnam and Thailand a huge success. They may be using different brands, but they will be operating under the same values system that has made GO-JEK the market leader in Indonesia.”
Nguyen Vu Duc Chief Executive Officer and Co-Founder of GO-VIET added: “GO-JEK is a pioneering technology company with an extensive ecosystem of 18 diverse services, backed by a strong group of strategic investors.”
Meanwhile, Pinya Nittayakasetwat, GET Chief Executive Officer and Co-Founder, stated, GO-JEK became the first homegrown unicorn in Indonesia because it believed technology could provide a solution to some of the country’s most challenging problems.
“We are driven by the same philosophy and we share the same passion to make a positive impact on Thai society,” he said.
GO-JEK announced that it will invest about $500 million to enter into four new markets Singapore, Vietnam, Thailand and the Philippines, said the company on May 23. The operator expect to realize the plans in the next four months.
It said, the company aiming to replicate its other services offered in Indonesia to its new markets. Currently, one of the country’s unicorn, working with regulators across the region to pave the way for the new operations.
The international expansion follows many months of planning by the company after its latest fundraising round, which saw backing from PT Astra International Tbk (IDX: ASII), Warburg Pincus, KKR, Meituan-Dianping, Tencent, Google and Temasek among others.
Previously, the company has raised $1.5 billion in venture capital funding from investors included Google and Blackrock. In February, Astra International, the Indonesian conglomerate has invest $150 million in Go-Jek. After the deals the value of Go-Jek at around $5 billion.
Go-Jek continues to strengthen its grip in the country’s electronic payment system by adding its new Go-Bills service on November, 2017. Makarim said Go-Bills is a platform that can be used for numerous bill payments and the platform can be accessed through Go-Pay.
He said the new platform will expand the existing ecosystem in Go-Pay services in providing cashless payments, in line with government’s effort to promote a cashless society.
Launched in April 2016, Go-Pay grew fast. The company is currently preparing infrastructure, including applications for customers, that will make it easier for them to carry out transactions with various merchant partners using Go-Pay, and targets Go-Pay to fully operate independently from Go-Jek.
GoJek currently is working with more than 300,000 driver-partners and 100,000 SMEs. Go-Jek was established in 2010 as an on-demand transportation platform for motorbikes.
However, Go-Jek’s portfolio of services has been broadly expanded since then to include grocery delivery, courier services, home cleaning, massages and food services.
Headquartered in Jakarta, GO-JEK started as a ride-hailing app in 2010 and evolved into an on-demand mobile platform that provides a wide range of services including logistics, transportation, e-payments, and food delivery, among others.
According to the statement GO-JEK connects its users to one million registered drivers on the app who are serving customers in more than 50 cities in Indonesia. The app also connects users to more than 150,000 food vendors, and more than 30,000 other services.
Until February 2018, GO-JEK app has been downloaded by more than 77 million times.
GO-JEK now operates in 50 cities in the Indonesia. With a population of more than 250 million, Indonesia is the world’s fourth-most-populous nation and the largest economy in Southeast Asia.
Indonesia is eyeing e-commerce to become a market worth an estimated $130 billion by 2020 from a current $8 billion.