Indonesian ride-hailing firm Go-Jek will invest $672 million to enter Singapore, Vietnam, Thailand, Philippines in the next few months
Indonesian ride-hailing firm Go-Jek to enter Singapore, Vietnam, Thailand, Philippines in next few months A Gojek motorist riding his motorcycle through Jakarta's business district. PHOTO: REUTERS

Indonesia's ride-hailing start-up Go-Jek announced on Thursday (May 24) that it will invest about US$500 million (S$672 million) to move into four new markets in the next four months - Singapore, Vietnam, Thailand and the Philippines.

The move will heighten its rivalry with Singapore-based Grab.
The expansion into the four countries will start with ride-hailing services but the company is also aiming to replicate its other services offered in Indonesia to its new markets, Go-Jek added.
It said it is currently working with regulators and other stakeholders across the region to pave the way for the new operations.
Go-Jek raised about US$1.5 billion in a fundraising round in February, higher its initial target of US$1.2 billion.
The company said on Thursday its latest fundraising round brought investment from Astra International, Google, JD.com, Meituan, Tencent and Temasek among others.
Go-Jek CEO and founder Nadiem Makarim, said: "Consumers are happiest when they have choice and at the moment, people in Vietnam, Thailand, Singapore and the Philippines don't feel that they're getting enough when it comes to ride-hailing.
"We hope that as we arrive in new markets, we will quickly become everyone's go-to lifestyle app. That is our aspiration. In the meantime, we hope our presence will provide the welcome competition markets need to thrive."

The move will heighten its rivalry with Singapore-based Grab.

The expansion into the four countries will start with ride-hailing services but the company is also aiming to replicate its other services offered in Indonesia to its new markets, Go-Jek added.

It said it is currently working with regulators and other stakeholders across the region to pave the way for the new operations.

Go-Jek raised about US$1.5 billion in a fundraising round in February, higher its initial target of US$1.2 billion.

The company said on Thursday its latest fundraising round brought investment from Astra International, Google, JD.com, Meituan, Tencent and Temasek among others.

Go-Jek CEO and founder Nadiem Makarim, said: "Consumers are happiest when they have choice and at the moment, people in Vietnam, Thailand, Singapore and the Philippines don't feel that they're getting enough when it comes to ride-hailing.

"We hope that as we arrive in new markets, we will quickly become everyone's go-to lifestyle app. That is our aspiration. In the meantime, we hope our presence will provide the welcome competition markets need to thrive."