Indonesia's Go-Jek raises $2b for expansion and digital investments

It has raised a higher than targeted $1.5b in a fundraising round.

According to TODAY Online, with the 25% extra funds it has received, Go-Jek is now valued at about US$5 billion. The additional funds and backing of well-known investors including Singapore's Temasek Holdings and Chinese technology giant Tencent Holdings will help Go-Jek to better compete in Southeast Asia's cut-throat market where incentives to drivers and passengers are used to build loyalty.

Aside from investing heavily in its mobile payments platform, Go-Jek expressed its plans to expand in other Indonesian cities as well as start operations in the Philippines, followed by other Southeast Asian countries.