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Go-Jek to enter Singapore, Vietnam, Thailand, Philippines in next few months
Go-Jek announced on Thursday that it will invest about US$500 million to move into four new markets in the next four months - Singapore, Vietnam, Thailand and the Philippines.
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Green helmet with Go-Jek logo. (Shutterstock.com/findracadabra )
Go-Jek announced on Thursday (May 24) that it will invest about US$500 million (S$672 million) to move into four new markets in the next four months - Singapore, Vietnam, Thailand and the Philippines.
The move will heighten its rivalry with Singapore-based Grab, which already operates in Indonesia, South-east Asia's largest ride-hailing market.
The expansion into the four countries will start with ride-hailing services, but the company is also aiming to replicate its other services offered in Indonesia to its new markets, Go-Jek added.
It said it is currently working with regulators and other stakeholders across the region to pave the way for the new operations.
Go-Jek also said it will seek out local partners with interests and expertise in each of the new markets.
Read also: Go-Jek most popular ride-hailing app: Survey
Go-Jek has reportedly been in talks with Singapore taxi giant ComfortDelGro to explore a tie-up. Both companies said last month they would not comment on rumors or speculation.
Go-Jek raised about US$1.5 billion in a fund-raising round in February, higher than its initial target of US$1.2 billion.
The company said on Thursday that its latest fund-raising round brought investment from Astra International, Google, JD.com, Meituan, Tencent and Temasek among others.
Go-Jek chief executive and founder Nadiem Makarim said: "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."
This article appeared on The Straits Times newspaper website, which is a member of Asia News Network and a media partner of The Jakarta Post
