5/24/2018 12:52:16 PM
|written By : Team India Se|
Indonesia's ride-hailing start-up Go-Jek will invest about US$500 million to move into Singapore, Vietnam, Thailand and the Philippines in the next four months, the company announced on May 24.
The move will heighten its rivalry with Singapore-based Grab, which already operates in Indonesia, South-east Asia's largest ride-hailing market.
Go-Jek will begin by launching ride-hailing services in the four countries but the company is also aiming to replicate its other services offered in Indonesia to its new markets, the company said in a press release.
Go-Jek started off as a motorbike ride-hailing company and then moved into food delivery, groceries and payments. The company's services are used in 50 cities across Indonesia and it is backed by well-known investors like Singapore's Temasek Holdings and Chinese tech giant Tencent, reported CNBC.