Indonesia’s Uber rival Go-Jek raises $1.2 billion led by Tencent at a $3 billion valuation

Go-Jek Indonesia Pt. motorcycle taxi riders drive along a street in Jakarta, Indonesia on Monday, March 21, 2016. The Jakarta-based startup has already become a household name in its home country. The startup's app has been downloaded more than 11 million times and it has more than 200,000 motorbikes. Its name is a play on ojek, the Indonesian word for the motorcycle taxis that crisscross Southeast Asia's most populous nation. Photographer: Dimas Ardian/Bloomberg via Getty Images

Go-Jek, the motorbike on-demand startup that is battling Uber and Grab in Indonesia, has closed a new round of $1.2 billion led by Chinese internet giant Tencent, two sources close the company told TechCrunch. The deal, which we understand was signed last week, values the company at $3 billion post money. It is expected to be officially announced “soon.”

Go-Jek declined to comment. Tencent did not respond to requests for comment.

Go-Jek raised $550 million as recently as August 2016, when it commanded a valuation of $1.3 billion so this new deal has pushed that figure up considerably over a short period of time. The Information previously reported that Tencent was considering an investment in Go-Jek. Other investors in the round are not clear at this stage, but we believe them to be from the existing pool of backers.
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