Industry majors jostle for a slice of Southeast Asian market
Go-Jek's latest investment from Mitsubishi Motors is an indication that its battle with Grab is increasingly taking on the characteristics of a proxy war between bigger international rivals. (Photo by Ken Kobayashi)
JAKARTA -- Indonesian ride-hailing company Go-Jek announced Monday it received investments from three companies under Japan's Mitsubishi group, giving it further ammunition in its battle with Singapore-based Grab for dominance in the Southeast Asian market.
Shares in U.S. peers Uber Technologies and Lyft may have flopped upon listing recently, but Southeast Asia still remains an attractive investment for global companies, as they aim to tap into the region's growing web-based economy.