Astra-Djarum Reported Involve in Next Funding Round in Go-Jek

Photo: GO-JEK

JAKARTA (TheInsiderStories) – As if not wanting to be left behind by foreign investors, Indonesian players have finally joined in, injecting jumbo funds into ride-hailing company Go-Jek Indonesia. PT Astra International Tbk (IDX: ASII) and Djarum Group – through its subsidiary Global Digital Prima (GDP) Venture – are reportedly depositing capital of around Rp 3 trillion (US$1.5 billion) for a funding round for the company, valued at more than US$1 billion.

Astra, a multi-segment company whose core business lies in the automotive sector, is said to have poured US$150-170 million in the funding round, while Djarum Group, known for its portfolio in the tobacco business, has reportedly invested US$100-120 million.

It is believed that the investment by the consortium of investors has already been agreed on and completed. However, the parties involved refused to comment on the matter when contacted by the local media.

The capital injection agreement for Go-Jek by a consortium of dozens of investors was achieved and signed recently. However, Public Relations Manager of Go-Jek Rini Widuri was reluctant to comment on the news.

As reported in TheInsiderStories last month, internet giant company Google has confirmed its own plan to invest in Go-Jek.

According to reports from earlier this month, Google’s investment was made alongside China’s Meituan-Dianping and Singaporean sovereign fund Temasek. The trio were part of a final tranche of a US$1.2 billion round that Go-Jek began negotiating last April, with commitments from the likes of Tencent and in China. The terms value Go-Jek at around US$4 billion.

Today, GO-JEK is the leading mobile-based consumer transactional platform in the country, with 15 million weekly active users. It is also Indonesia’s largest ride-hailing, food delivery and instant logistics business and leading digital wallet provider, with 900,000 drivers, more than 125,000 merchants and over 100 million transactions processed through its platform per month.