Brief: Go-Jek reported to have raised $1.2b round, led by Tencent
- Tencent has led an investment in Indonesian ride-hailing and payments app Go-Jek, TechCrunch reports. The possibility of an impending deal was first reported by The Information.
- The deal was supposedly worth US$1.2 billion, raising Go-Jek’s valuation from US$1.3 billion to US$3 billion post-money – similar to its arch-rival Grab’s.
- It’s not yet clear who else was involved in said round.
Why it matters:
- If confirmed, Tencent’s investment in Go-Jek would be part of a larger trend: China’s internet giants are making their way into Indonesia in a big way. Alibaba-offshoot Ant Financial has recently partnered with media conglomerate Emtek. JD is reportedly in talks with ecommerce marketplace Tokopedia.
- Tencent operates WeChat, the ubiquitous messenger app through which Chinese users conduct transactions such as shopping, ordering foods and rides, and appointment booking. An investment could lead to synergies with Go-Jek, which in the past year has been developing a fully-fledged mobile payments platform.
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