JAKARTA (Reuters) - Indonesian conglomerate Astra International (ASII.JK) will invest $150 million in Go-Jek, it said on Monday, joining the likes of Alphabet Inc’s Google (GOOGL.O) in the ride-hailing start-up’s latest round of fundraising.
Astra Chief Executive Prijono Sugiarto said the group had wanted to invest in Go-Jek for some time but had been looking for the right timing.
“We see that Go-Jek is special, its development is significant,” Sugiarto told a news conference.
At a separate news conference, PT Global Digital Niaga (GDN), a unit of venture capital firm GDP Ventures, also said was investing in Go-Jek.
GDN did not say how much it would invest but a senior official who declined to be identified said the amount would be about $100 million.
The announcements come weeks after sources told Reuters that Singapore state investor Temasek was among those investing in Go-Jek as part of a $1.2 billion fundraising round.
The funding will help Go-Jek to compete with deep-pocketed rivals who are rapidly expanding app-based services and digital payments in Southeast Asia.
Reporting by Cindy Silviana; Editing by Gopakumar Warrier and David Goodman