Go-Jek Seeks to Launch IPO in Coming Years

Nadiem Makarim, CEO and Founder of Go-Jek (photo: special)

JAKARTA (TheInsiderStories) – Indonesian ride-sharing company Go-Jek has set a plan to conduct an Initial Public Offering (IPO) in the next few years, according to Go-Jek Company CEO Nadiem Makarim.

“We are definitely going to (launch) an IPO,” Makarim said at Bloomberg’s Year Ahead Asia Conference in Jakarta on Wednesday. The initial public offering is expected “hopefully within the next few years,” he said.

Go-Jek, backed by investors including KKR & Co. and Warburg Pincus LLC, will expand its digital-payment service Go-Pay as a top priority in 2018, he said.

Currently, Go-Jek customers use Go-Pay for a wide range of services that Go-Jek offers on its mobile app. Makarim’s goal is to let his customers to pay for coffee, groceries, tickets and other things outside the ordinary realm of Go-Jek services.

“2018 will be the year of Go-Pay,” he said, adding that the focus is on signing up partners in Indonesia, so its digital wallet can be accepted by both online and offline merchants across the country.

As Indonesia’s first billion-dollar start-up, Go-Jek is looking to expand its ride-hailing services to three to four countries in Southeast Asia, escalating its rivalry with Grab and Uber Technologies Inc.

Go-Jek got its start 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. Go-Jek claims to have over 200,000 drivers across some 25 cities in Indonesia.

Recently, Go-Jek was rumored to have picked up a minority stake in Bangladesh-based two-wheeler ride-hailing app startup Pathao, according to two people familiar with the development.

Pathao started out as a delivery partner for e-commerce merchants and now claims to be the biggest such company in Bangladesh. In 2016, it expanded into the ride-hailing transportation space, with a fleet of motorbikes. It is also looking at expanding into different verticals, such as food delivery.

Written by Elisa Valenta, email: elisa.valenta@theinsiderstories.com