Indonesia's Go-Jek raises $1.5 bln as ride-hailing market heats up -sources [Reuters (UK)]
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Source: Reuters
Indonesia's Go-Jek raises $1.5 billion as ride-hailing market heats up: sources | Reuters 4 Min Read SINGAPORE (Reuters) - Indonesia’s Go-Jek has raised a higher than targeted $1.5 billion in a fundraising round from a dozen investors including BlackRock and Google, sources said, as the ride-hailing firm builds its war chest to fight deep-pocketed rivals. Go-Jek had planned last year to raise $1.2 billion, and, with the 25 percent extra funds it has received, it is now valued at about $5 billion, according to the sources. Reuters Breakingviews said last month Go-Jek was valued at roughly $4 billion compared to over $6 billion for Grab, Southeast Asia’s largest ride-hailing firm. The additional funds and backing of well-known investors including Singapore’s Temasek Holdings [TEM.UL] and Chinese technology giant Tencent Holdings will help Go-Jek to better compete in Southeast Asia’s cut-throat market where incentives to drivers and passengers are used to build loyalty. Singapore-based G
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