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Startups

Gojek boosts war chest with another $1.2bn

Additional capital will help it battle Grab in a range of services

Initially a ride-hailing app, Gojek has expanded into a comprehensive business that also provides deliveries and e-payment services.   © Reuters

JAKARTA -- Indonesian ride-hailing and payments operator Gojek has secured an additional $1.2 billion in funding, giving it further ammunition in its ongoing battle with Singapore-based rival Grab.

The funding was closed last week as the coronavirus pandemic started to bear down on the economies of Indonesia and other Southeast Asian markets, according to an internal memo seen by the Nikkei Asian Review. This showed that despite global uncertainties from the pandemic, the Indonesian company continues to be an attractive investment opportunity.

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