It’s goodbye Uber, and hello Go-Jek. The Indonesian ride-hailing behemoth announced its international expansion strategy that will see the company entering markets such as Singapore, Thailand, Vietnam and the Philippines in the next couple of months.
In a press release today, Go-Jek confirmed the rumors that they’ll be penetrating Southeast Asian markets — an anonymous shareholder tipped off The Straits Times about it back in April.
The expansion sounds aggressive. The Indonesian company will be investing US$500 million (S$671 million) in its international expansion strategy, which will start with ride-hailing, TODAY reported. The strategy follows months of planning and market research after its latest fundraising round, which has big names including Google, Tencent, Astra International, and even Singapore’s own Temasek hopping onboard.
The ultimate aim, however, is to “replicate the multiple-service business model that has made it the market leader in Indonesia”. Go-Jek, for the unaware, is way more than just a simple ride-hailing app. The company has its fingers in multiple industries in Indonesia, including delivery and moving services through Go-Send and Go-Box; ticket sales through Go-Tix; e-payment and mobile wallet solutions through Go-Pay; and even a service that brings a masseuse to your doorstep with Go-Massage.
For now, it’s safe to assume that Go-Jek’s private hire car booking service Go-Car will be arriving in Singapore first before everything else.
Needless to say, commuters here will be elated to hear the news. Grab — the current dominator in the ride-hailing market — will finally face proper competition in Singapore after the departure of Uber earlier this month. Go-Jek will join the likes of homegrown start-up Ryde, India’s Jugnoo and more for a piece of the ride-hailing pie here.
“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 when it comes to ride-hailing,” said Go-Jek CEO and founder Nadiem Makarim.
Even before making its move into Singapore, Go-Jek may have already found an ally here. The Indonesian company has been in talks with Singapore’s own taxi giant ComfortDelGro Corp after the latter’s partnership with Uber fell apart.
