Taxi-booking app company Go-Jek outlined plans to move into Vietnam, Thailand, Singapore and the Philippines in the next few months, lining up investment of $500 million in what will be its first expansion beyond its home market.
The Indonesia-based company aims to fill a void left by rival app-based service Uber’s exit from Southeast Asia in late March, when it sold its operations in the region to Singapore-based Grab.
Nadiem Makarim, Go-Jek CEO and founder, 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…We hope our presence will provide the welcome competition markets need to thrive.”
Go-Jek, Indonesia’s first billion-dollar start-up, said it is working with regulators and other stakeholders across the region to pave the way for the new operations.
Grab faced significant hurdles since announcing the acquisition, with antitrust agencies across the region reviewing the impact of the merger on local competition.
In a statement, Go-Jek said the expansion follows months of detailed planning and market research after its latest fundraising round, which brought investment from Astra International, Google, JD.com, Meituan, Tencent and Temasek among others.