Indonesia's ride-hailing firm Go-Jek to invest $500 million in four new markets [CNBC]
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Source: CNBC
Indonesia's ride-hailing firm Go-Jek to invest $500 million in four new markets Indonesia's massively popular ride-hailing start-up Go-Jek is expanding abroad. It will invest about $500 million to move into four new markets in Vietnam , Thailand , Singapore and the Philippines over the next several months, the company said in a Thursday announcement. Initially, Go-Jek will start with ride-hailing before introducing additional services. Go-Jek started off as a motorbike ride-hailing company and then moved into things like food delivery, groceries and payments . Last year, Go-Jek said it bought three financial technology , or fintech, companies to boost its presence in Indonesia's digital payments sector. . The company's services are used in 50 cities across Indonesia and it is backed by well-known investors like Singapore's Temasek Holdings and Chinese tech giant Tencent . Expansion into the new markets will step up the rivalry between Go-Jek and Singapore-based company Grab, which h
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