February 12, 2018 / 5:09 AM / 8 months ago

Indonesia's Astra and GDN join Go-Jek fundraising

JAKARTA (Reuters) - Indonesian conglomerate Astra International (ASII.JK) will invest $150 million in Go-Jek, it said on Monday, joining the likes of Alphabet Inc’s Google (GOOGL.O) in the ride-hailing start-up’s latest round of fundraising.

A Go-Jek driver rides a motorcycle on a street in Jakarta, Indonesia, December 15, 2017. REUTERS/Beawiharta

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.

At a separate news conference, PT Global Digital Niaga (GDN), a unit of venture capital firm GDP Ventures, also said was investing in Go-Jek.

GDN did not say how much it would invest but a senior official who declined to be identified said the amount would be about $100 million.

The announcements come weeks after sources told Reuters that Singapore state investor Temasek was among those investing in Go-Jek as part of a $1.2 billion fundraising round.

The funding will help Go-Jek to compete with deep-pocketed rivals who are rapidly expanding app-based services and digital payments in Southeast Asia.

Reporting by Cindy Silviana; Editing by Gopakumar Warrier and David Goodman

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