JAKARTA - Private equity firm KKR & Co. and Warburg Pincus LLC are in discussions to participate in a fundraising round for PT Go-Jek Indonesia that could raise around US$400 million, said several sources. The company, which already operates in big Indonesian cities like Bandung and Surabaya, also plans to broaden its reach and add more drivers.
The Indonesian ride-hailing company is estimated need fresh funds $1.2 billion to expand their businesses. Previously, Go-Jek was reported in talks with potential investors to raise fresh funds. Founded in 2010, Go-Jek has since increased its services to food deliveries, cleaning and even massages and now has a network of more than 200,000 motorbike taxi drivers across the country. (*)