GO-JEK set to invest $500m in international expansion
GO-JEK has confirmed that it is to invest $500m in its international expansion strategy which will see the company enter Vietnam, Thailand, Singapore and the Philippines within the next few months.
In a statement issued today (24 May), GO-JEK said that its operations in the new markets will starting with ride-hailing but it is “ultimately aiming to replicate the multiple-service business model” that it has developed in Indonesia.
Established in 2010 as a motorcycle ride-hailing phone service, GO-JEK has evolved into a mobile platform that offers a wide range of on-demand services including logistics and food delivery.
GO-JEK is currently working with regulators and other stakeholders to “pave the way” in the new markets. The companies will be run by local founding teams, with GO-JEK providing technological support and expertise.
Nadiem Makarim, GO-JEK’s CEO and Founder, commented: “Consumers are happiest when they have choice and at the moment, people in Vietnam, Thailand, Singapore and the Philippines don’t feel that they’re getting enough when it comes to ride-hailing. We hope that as we arrive in new markets, we will quickly become everyone’s go-to lifestyle app. That is our aspiration. In the meantime, we hope our presence will provide the welcome competition markets need to thrive.
GO-JEK President, Andre Soelistyo, added: “We have been considering international expansion for a long time and wanted to make sure that we initiate a plan when we’re in the strongest possible position to do so.
“Our most recent funding saw the addition of a significant number of strategic investors both Indonesian and global. We are therefore confident that we have the support needed to take one of the most amazing growth stories in the world from being an Indonesian phenomenon to a regional one.”
