Indonesian tech giant Go-Jek snagged additional investment from Mitsubishi Motors Corporation, Mitsubishi Corporation, and Mitsubishi UFJ Lease & Finance as part of its ongoing Series F round, the company said in an official statement.
Go-Jek said it will utilize the funds in order to benefit more users in Southeast Asia. It will also enable Mitsubishi to tap into Go-Jek’s expertise and presence in the mobility and consumer services market in the region.
Mitsubishi Corporation is an existing investor of Go-Jek. The firm took part during Go-Jek’s first close of its Series F round in February. Although no financial details were disclosed, Go-Jek is said to have raised over USD 1 billion at a nearly USD 10 billion valuation. Other investors that have participated in this round included Google, JD.com, Tencent, and Provident Capital.
It is possible that the partnership between Go-Jek and Mitsubishi will result in new business models. In a statement, Takahiro Yanai, president and CEO of Mitsubishi UFJ Lease & Finance, expressed his interest in exploring new sectors, especially digital mobility, through the pooling of a wide range functions and knowledge between the two companies.
From its roots as a ride-hailing platform, Go-Jek has expanded across multiple verticals, including transport, food delivery, mobile payments, logistics, and merchant services, making the company an industry leader in its home country, Indonesia.
Go-Jek now operates in over 50 cities across Southeast Asia its website said, with over 2 million drivers and 400,000 merchants offering their services on the platform. Its latest innovation is on-demand video streaming service called Go-Play that is launched as a separate platform.
Go-Jek is facing tight competition from Singapore-headquartered Grab to become the first super app in Southeast Asia.