The exclusive, with my WSJ colleagues P.R. Venkat and Kane Wu, begins:
Go-Jek, the Indonesian motorcycle-hailing startup backed by KKR & Co., Warburg Pincus LLC and others, is in talks with investors to raise $1 billion, people familiar with the process said.
The new money would give the Jakarta company added power to battle rivals Uber Technologies Inc. and Singapore’s Grab for a lead in Southeast Asia’s largest economy. The company is seeking the new money to expand, with the first round of bids due by the end of this month, one of the people said.
Beijing’s China International Capital Corp. and Zurich-based Credit Suisse Group AG are among the banks assisting in raising funds, according to people familiar with the matter. Representatives for Go-Jek didn’t immediately respond to requests for comment.
The cash injection would give Go-Jek a pre-money valuation of about $2 billion, the people said. A pre-money valuation refers to the value of a startup before fresh funds are included. Go-Jek raised around $550 million in August at an undisclosed valuation.
This would be more money for one of Southeast Asia’s hottest startups. And more competition for Uber and Grab in the region.
- Uber Agrees in Principle to Exit Southeast Asia for Stake in Rival
- By Me Monday: How Singapore’s Grab is Battling Uber Here in Southeast Asia
- Uber Battles Ride-Sharing Startups in SoftBank ‘Family’
- By Me Yesterday: Lyft Teams up with India’s Ola and Singapore’s GrabTaxi
- By Me Today: Uber Hits Roadblocks in Southeast Asia