Following the opening of its office in Singapore last November, Via ID announced its first investment in Asia in partnership with Hera Capital, a private equity fund based in Singapore. This venture is part of a fundraising round with well-known investors such as Google, Astra International, Temasek, Tencent, JD.com and Meituan-Dianping, and will enable the acceleration of the Indonesian unicorn company in a market with exceptional growth.
GO-JEK, the Indonesian ‘Uber’ that has superseded Uber
Launched in 2010 as a motorcycle-taxi service, GO-JEK today is the largest mobile digital platform for multiple on-demand services in Indonesia. Currently implanted in the 50 largest cities in Indonesia and the undisputed leader in its market, the GO-JEK platform offers services in mobility (motorcycle-taxis, chauffeur-driven cars, buses), deliveries and urban logistics (meals, parcels, etc.), concierge activities (home cleaning, massages, hairdressing, etc.), as well as online payment solutions. GO-JEK now has 15 million active users every week, 900,000 motorcycle-taxi, taxicab and car hire chauffeurs, 125,000 merchants and 100 million transactions processed on its platform.
This fund raising will enable the unicorn to continue to grow and strengthen its leading position in the fourth most populated nation in the world. GO-JEK has enormous growth potential; by 2030, Indonesia will have an additional 90 million people in its consumer base – more than any other country in the world except China and India. Moreover, it will see a significant increase in the number of people having Internet access, with an extra 32 million surfers, which means there will be 145 million ‘connected’ people in Indonesia by 2020.
A significant operation for Via ID in the global mobility market
For Via ID, this first investment in Asia is an important step in its internationalisation strategy.
“GO-JEK is the most comprehensive transport solution in Indonesia, with a dominant share of the market regarding motocycle-taxis and chauffeur-driven cars. This will help us to understand the characteristics of this market better, where mobility issues are crucial. Cities in Indonesia have the densest traffic in the world, public transportation solutions are almost non-existent and travelling the final kilometres becomes very complicated. It is therefore a formidable playground for innovation” – Quentin Vanoekel, Via ID Singapore Office Manager.