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Jakarta Post

Go-Jek becomes Indonesia’s first decacorn

  • News Desk

    The Jakarta Post

Jakarta   /   Fri, April 5, 2019   /   09:40 am
Go-Jek becomes Indonesia’s first decacorn The company reportedly collected capital injection of $1.5 billion from a number of investors in 2018 and $1 billion in the first quarter of 2019. (Shutterstock.com/findracadabra )

Ride-hailing app Go-Jek is Indonesia’s first decacorn after its valuation hit US$10 billion, according to research institution CB Insights, in its Global Unicorn Club report.

CB Insights places Go-Jek in 19th position, below its competitor Grab, the valuation of which has been is recorded at $11 billion. Uber is still in the top position with total valuation of $72 billion.

Go-Jek, founded by Nadiem Makarim, has obtained capital injections from a number of companies, including Google, Tencent Holdings, Temasek Holdings, Astra International and Meituan Dianping.

The company reportedly collected capital injection of $1.5 billion from a number of investors in 2018 and $1 billion in the first quarter of 2019.

With the capital, Go-Jek expanded to a number of countries in Southeast Asia and optimized its digital payment feature, Go-Pay.

CB Insights included two other local start-ups in the unicorn group, namely Tokopedia and Traveloka, with valuation of $7 billion and $2 billion, respectively. (bbn)