Go-Jek, the Indonesian ride-hailing startup, is gearing up to expand into Singapore, taking on rival Grab in its hometown.
According to a report, Go-Jek is expected to land in Singapore as early as October. The report noted that Go-Jek decided to go after the Southeast Asia market after Uber exited in March. Go-Jek first expanded into Vietnam and then Thailand. A source with knowledge of the plans told the news outlet that Go-Jek will be in the Singapore market by the end of October. The startup is in talks with investors to raise $2 billion to bankroll the next stage of its expansion.
In August, Go-Jek rival Grab escalated its fight with the company, announcing that it plans to invest $250 million in Indonesian startups over the next three years through its new innovation arm. Earlier in the month, the Singapore-based firm revealed that it had raised $2 billion in funding in recent months, adding that it will use a significant portion of the proceeds to continue investing in Indonesia. One way to do that is through its Grab Ventures arm, which will develop technology startups in sectors beyond ride-hailing. Grab has more than 7.1 million micro-entrepreneurs on its platform, more than half of whom reside in Indonesia.
“We are looking at startups in both series A and B, which we could integrate into our ecosystem,” Ridzki Kramadibrata, managing director for Grab Indonesia, told Reuters at the time. He added that the company has already begun looking at startups and will begin funding rounds later this year, with a specific interest in healthcare and food and grocery delivery, as well as those startups that enable digital payments and automated processes.
Go-Jek has already moved beyond ride-hailing to offer its Indonesian clients the ability to make online payments for everything from food and groceries to massages.