JAKARTA (Reuters) – Indonesian conglomerate Astra International said on Monday it will invest $150 million in Go-Jek, joining the likes of Alphabet Inc’s Google in the ride-hailing start-up’s latest fundraising round.
Astra Chief Executive Prijono Sugiarto said the group had wanted to invest in Go-Jek for some time but had been looking for the right timing.
“We see that Go-Jek is special, its development is significant,” Sugiarto told a news conference.
The announcement comes weeks after sources told Reuters that Singapore state investor Temasek was also among those investing in Go-Jek as part of a $1.2 billion fundraising round.
The funding will help Go-Jek compete with deep-pocketed rivals as players rapidly expand their app-based services and digital payments in Southeast Asia.
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