Go-Jek and Grab are battling for supremacy in the Southeast Asian market after Uber pulled out of the region last year.
Sunday 07, April 2019
(Bloomberg) --Indonesian ride-hailing service Go-Jek’s value was estimated at $10 billion by a US market intelligence company, putting it in the ranks of start-ups called decacorns.
New York-based CB insights has listed Go-Jek among 19 decacorns around the world, along with the likes of Uber Technologies. That would make Go-Jek Indonesia’s first start-up to join the $10 billion market-valuation club, and the second in Southeast Asia after rival ride-hailing service Grab.
Nila Marita, the Chief of Corporate Affairs of Go-Jek’s, said that valuation reflects the confidence investors have that the company will continue to grow, without confirming details of its value.
An initial public offering (IPO) remains a long-term aim for Go-Jek but it is not in our immediate future, our focus is on growing the business and serving our users and partners in the countries we operate in, Marita.
A unicorn is a closely held start-up valued at more than $1 billion, while decacorn uses the Greek word for ‘ten’.
Grab recently raised about $1.5 billion from SoftBank Group’s Vision Fund, bankrolling its effort to expand into new services across the region.
That means it’s received about $4.5 billion from investors over the past year.
Southeast Asia’s two most valuable start-ups have been looking to rapidly expand in everything from mobile payments to food delivery. Go-Jek raised more than $1 billion in a continuing funding round from a clutch of internet giants including Google, JD.com and Tencent Holdings.