Go-Jek raises $100M from Indonesian conglomerate Astra

Indonesian ride-hailing firm Go-Jek has raised $100 million from existing investor Astra as part of its ongoing Series F funding round, bringing the total investment from the Indonesian conglomerate to a total 250 million.

Astra had first backed Go-Jek during the company's $1.5 billion Series E fundraise in February last year.

In January this year, the Indonesian firm had announced the first close of its Series F funding round led by existing investors Google, Tencent and JD.com, although it hadn't disclosed the investment size.

Mitsubishi Corporation and Provident Capital were among the other investors who participated in this round. The company is reportedly seeking to raise at least $2 billion through this funding round, to fund its expansion plans in Southeast Asia.

In addition to the investment, Go-Jek has also announced a joint venture with Astra that will enable more drivers to join the four-wheel ride-hailing sector and participate in Indonesia’s growing digital economy, the company said in a statement.

The joint venture will operate a fleet of several thousand cars, pre-installed with Astra’s fleet management system (FMS) and supported by ride-hailing technology in the Go-Jek app, specifically for Go-Car service.

"Industry players must join forces to maximise the great potential of the Southeast Asian digital economy, especially in Indonesia. The combination of Astra's strength in the automotive sector and GOJEK’s leading technology will open up more opportunities for people to grow their incomes and improve their welfare" said Go-Jek founder and CEO Nadiem Makarim.

"The establishment of this joint venture and Astra's participation in GOJEK’s Series F fundraise demonstrate our continued confidence in GOJEK and is a tangible manifestation of our collaboration to explore the synergies between GOJEK’s technology and Astra's automotive business. We hope this collaboration can help more people generate income, as this will improve their welfare and have a positive impact on Indonesia's economic growth. This is in line with Astra's aim to prosper with the nation” said President Director of PT Astra International Tbk Prijono Sugiarto.

Go-Jek, which also counts Google and Tencent among its investors, has been expanding its presence across SouthEast Asia. It entered Thailand last week through a Thai affiliate GET and also forayed into Vietnam and Singapore over the last year.

The company is currently in talks with Philippine authorities to get its ride-hailing service application reconsidered, after it was rejected by regulators last month on the grounds that its domestic unit did not meet local ownership criteria.