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Gojek reportedly raises USD 1.2 billion

The new investment brings the company’s funds raised in its current financing round to just under USD 3 billion.

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Gojek has raised USD 1.2 billion, Bloomberg reported today, citing an internal memo within Gojek that was obtained by the outlet. The new investment brings the company’s funds raised in its current financing round to just under USD 3 billion, exceeding its USD 2.5 billion target for the round.

The report did not specify the identities of the investors. Amazon was said to be interested in participating in Gojek’s Series F financing round, although it is not clear whether the company is involved in the latest investment. In February last year, Gojek raised USD 1 billion in the first close for its Series F round led by Google, JD.com, and Tencent Holdings.

This fresh investment was finalized over the past week, as businesses around the globe grapple with COVID-19 pandemic, making Gojek’s funding one of the largest deals to emerge since the coronavirus outbreak started in central China.

When approached by KrASIA, Gojek declined to comment on the matter as Bloomberg’s report was based on a leaked email.

This announcement was made three weeks after Gojek’s archival Grab raised USD 850 million from Japanese investors including Mitsubishi UFJ Financial Group Inc. and TIS Inc. Also, last month, Gojek and Grab were reported in talks for possible merger, although both companies quickly denied that was the case. Gojek and Grab are in tight competition in various fields, such as ride-hailing, food delivery, and lifestyle services. A merger between the two could increase their chances for profitability, and in turn benefit their investors. Nonetheless, Indonesia and Singapore’s consumer watchdog have expressed disapproval towards this idea, as it could lead to monopolies in some business sectors.