South East Asian market: Go-Jek’s big expansion to challenge Grab
Indonesia’s ride-hailing firm Go-Jek has confirmed to invest $500 million in four new markets: Vietnam, Thailand, Singapore and the Philippines over the next several months. Launched in Jakarta in 2011, Go-Jek – a play on the local word for motorbike taxis – has evolved from a ride-hailing service to a one-stop app allowing clients in Southeast Asia’s largest economy to make online payments and order everything from food, groceries to massages.
Go-Jek said that its expansion followed many months of detailed planning and market research following its latest fundraising round, which valued the company at $5bn and saw investments from Astra International, Google, China’s JD.Com, Meituan, Temasek, and Tencent, among others.
Go-Jek’s competition with Grab
Expansion into the new markets will step up the rivalry between Go-Jek and Singapore-based company Grab, which has similar services such as ride-hailing, digital payments and food delivery. The two start-ups already compete in Indonesia, where Grab is trying to establish a stronghold.
Both it and Grab are trying to extract more revenue from their ride-hailing customers by transforming their apps into one-stop shops for an array of services including shopping, deliveries, payments and lending.
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