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Go-Jek, The Brazilian-based Indonesian company, which is fighting Grab in Southeast Asia, has announced the first closing of its F-series round, as TechCrunch announced last week. The company did not reveal figures, but sources have already told us that it has closed about $ 920 million. Go-Jek plans to raise $ 2 billion for the round, as announced last year.
Go-Jek said the first closing is conducted by existing Google sponsors, JD.com and Tencent, with the participation of Mitsubishi Corporation and Provident Capital. He did not provide an estimate, but sources told us that it was about $ 9.5 billion.
Go-Jek, which began its activities with motorcycle taxis in 2015, has since expanded its activities to taxis, private cars, etc. The company said it planned to spend the money to strengthen its activities in Indonesia, its domestic market, and to strengthen its presence in the expanding new markets of Vietnam, Singapore and Thailand. He is also working to enter the Philippines, where a license application has been rejected, although he made a local acquisition after buying the fintech startup Coins.ph.
Go-Jek's activities in Indonesia include transportation, food delivery, on-demand services, payments and financial services. This is the project of its expanding markets, all of which are at different stages. Go-Viet, its Vietnamese service, offers food delivery services and taxis for motorbikes, Get in Thailand operates taxis for motorbikes and, in Singapore, Go-Jek offers four-wheeled car options.
These combined efforts cover 204 cities, two million drivers and 400,000 merchants, said the company, but the majority of its revenue is in Indonesia.
Grab, meanwhile, became the best dog after buying local company and operates in eight countries. It has recently crossed three billion journeys and claims 130 million downloads. Grab said that revenues for 2018 amounted to $ 1 billion, which is expected to double this year. According to Crunchbase, he raised $ 6.8 billion from investors and his current Series H round could reach $ 5 billion.
Go-Jek claims to have 130 million downloads, while it is only found in three markets, while it has reached an annualized trading volume of two billion in 2018 and an annualized BVG of 6.7 billions of dollars. These figures require some explanation because Go-Jek is a bit creative in his efforts to compete with Grab on paper.
Transactions are not synonymous with revenue – a transaction can be a one-dollar motorcycle ride or a QR code payment – and the GMV is also not a recipe, while both are "annualized" which means that they are extended after a short time. In other words, do not take these numbers to the letter, they are not comparable to Grab.
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