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Indonesia's Gojek bags investment from Facebook, PayPal

Improving payment and financial services seen as key in battle with rival Grab

Indonesian ride-hailing and payments operator Gojek has announced investment from global tech giants Facebook and PayPal as competition heats up with rival Grab.(Source photo by Reuters) 

JAKARTA -- Indonesian ride-hailing and payments operator Gojek has secured additional funding from global tech giants Facebook and PayPal, the company announced on Wednesday.

The investment by the social media company and payments giant was made as part of Gojek's ongoing Series F funding round, in which Indonesia-based Gojek had already raised just under $3 billion. The value was not disclosed, but a source familiar with the matter said that with the two new investors, Gojek has now raised over $3 billion, giving it further ammunition in its ongoing battle with Singapore-based rival Grab.

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