Go-Jek announced on Thursday (May 24) that it is set to enter four new markets – Singapore, Vietnam, Thailand and Philippines – in the next four months with an investment of about half a billion (S$672 million).
The news comes not long after the Indonesian ride-hailing start-up signed a Memorandum of Understanding with MRT Jakarta just two days ago to improve the capital’s public transport system, as well as to develop stations and facilities.
Just last month, Singapore taxi operator ComfortDelGro was said to be exploring a new deal with Go-Jek, after a partnership with Uber – which has since exited Singapore – fell through.
Go-Jek’s entry to Singapore will reignite its rivalry with Singapore-based Grab, which also operates in Indonesia and is South-east Asia’s largest ride-hailing market.
In addition to just transportation, Go-Jek is also set to replicate its other services including logistics, mobile payment and food delivery which are offered in Indonesia to the four new countries it is eyeing.
Go-Jek raised about $1.5 billion in February – above its target of $1.2 billion – and the latest round of fundraising saw an inject of funds from Astra International, Google, JD.com, Meituan, Tencent, Temasek, and more.
The company said it is currently working with each country’s regulators to get things moving and local founding teams will run the operations while Go-Jek provides technological support.