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Capital Markets

German insurer Allianz buys $35m stake in Go-Jek

Competition in Indonesia's ride-hailing market intensifies after Uber exit

Go-Jek had 1 million motorbike and car drivers in Indonesia as of December. (Photo by Shinya Sawai)

NUSA DUA, Bali -- German insurance company Allianz Group has invested $35 million in Go-Jek, a welcome boost for the Indonesian ride-hailing platform amid fierce competition in its home country with Singapore-based Grab.

The investment, made by the insurer's digital investment unit, was announced on Wednesday. Allianz's Indonesian unit had already entered a strategic partnership with Go-Jek, whereby it provided health insurance services to drivers and their families.

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