Gojek Indonesia officially launched its new logo with the name Solve, solving problems through technology - Photo: TheInsiderStories.

JAKARTA (TheInsiderStories) – Indonesia’ mobile on-demand platform, and digital payment, Gojek, is targeting the investment worth US$3 billion to enter the Southeast Asian market. Currently, the company has amassed about $1.6 billion by Series F Funding Round, Nadiem Makarim, Gojek’ founder, told media in Jakarta, Monday (07/22).

The funds were collected by investments made by several well-known companies. Most recently, Visa, the world’s digital payment technology company, invests, even though there is no mention of how much the funds were disbursed. But the two companies said they would work together in advancing the non-cash payment system and providing seamless services for consumers throughout Indonesia and Southeast Asia.

Currently, Gojek has achieved decacorn status. That is, the valuation is more than $10 billion. Before Visa, there were several giant companies that had injected funds into Gojek in 2019. First, in January, Gojek completed the first phase of the F series funding round led by Google, JD.com, Tencent, Mitsubishi Corporation and Provident Capital. Reportedly, the investment received by Gojek reached $920 million.

Secondly, in March, Astra International injected funds of $100 million for Gojek, the second investment after 2018 totaling $150 million. The total funds collected by Gojek from Astra have now reached $250 million.

Third, earlier this month Mitsubishi Motors and Mitsubishi Corporation injected funds into Gojek, although the investment figures were not stated. The company said the funds will be used to deepen market penetration in Indonesia and strengthen the expansion of Gojek in the Southeast Asia region. Especially after the launch of Gojek in Singapore, Go-Viet in Vietnam and GET in Thailand.

Fourth, still in the same month, Gojek again received fresh funds. This time from a large bank in Thailand, Siam Commercial Bank (SCB). However, both SCB and Gojek did not disclose in detail the value of the investment. This investment signifies the collaboration between SCB and Gojek affiliates in Thailand, GET, to develop a digital payment system.

To strengthen its position as the leading technology platform in Southeast Asia, Gojek officially launched its new logo with the name Solve, solving problems through technology. This comparison marks the evolution of Gojek from ride-hailing services, to an ecosystem that moves people, goods, and money.

“Why is there a rebranding, the reason is that Gojek has changed too much from its origin. We are currently able to develop into many systems and there are many stakeholders that we must provide,” said Makarim in his office in South Jakarta.

With a new logo, Gojek will continue to innovate to present a variety of smart ways to overcome the challenges faced and continue to provide real social and economic impacts for the community, while building Indonesia’s position as a technology hub in Southeast Asia.

The Gojek logo initially represented only two-wheeled drivers. In fact, now the company has provided services for online-based taxis, food delivery, massage for health, to provide digital wallets. Now, the logo is in the form of a green circle wrapped in separate circles. The new logo represents the variety of services provided.

Gojek Co-founder Kevin Aluwi explained, his company currently has three major ecosystems, namely partners, consumers, and merchants. From the consumer side, currently, Gojek has provided 22 services and features for various related needs. Initially, consumer services only consisted of three types. This feature is claimed to be more modern because it allows users to give tips to the driver’s partner through a digital wallet.

As for the partner ecosystem, Gojek opens financial access to a number of financial, safety and security features. While from the merchant side, Gojek provides additional services in the form of payments, inventory, point of sale, and the ease of making its own promos.

Gojek’ President Andre Soelistyo noted a positive trend in the development of his company in a number of countries today. The company claims, the development of online taxi services or GoCar in Singapore has attracted one million passengers in less than three months.

In other countries, such as in Vietnam, Gojek has also attracted one million passengers in less than three months. Meanwhile, Gojek is currently developing wallet services in the Philippines or GoPay. Gojek market expansion is tailored to the needs of the country. For GoFood, we are the biggest food delivery service in Asia, he adds.

It said Gojek had grown rapidly since the application was launched, which was driven by an increase in consumer demand for integrated applications. Gojek currently has more than 2 million driver-partners, 400 thousand merchants and 60 thousand service providers in Southeast Asia.

The company noted, from June 2016 to June 2019 the number of transactions processed on the Gojek platform shot up to 1,100 percent or 12 times. Currently, Gojek has 22 on-demand services and user-to-user chat services launched in April 2019. Gojek users can also provide cashless tips with tipping features, which have reached Rp285 billion.

The GoJek application was first launched in January 2015 for customers in Indonesia, and since then, has developed into the largest mobile on-demand platform in Southeast Asia. Various services are offered to range from transportation and payments to food delivery, logistics, and various other on-demand services. Gojek Group now operates in 204 cities in five countries in Southeast Asia.

As of June 2019, the Gojek application and ecosystem have been downloaded by more than 155 million users, with more than two million driver-partners, and nearly 400 thousand merchant partners, and more than 60 thousand service providers in Southeast Asia.

Written by Lexy Nantu, Email: lexy@theinsiderstories.com