Ride-hailing app Gojek said on Monday that is has won investment from Japan’s Mitsubishi group of companies, boosting its firepower for its fight with Singaporean rival Grab.
Mitsubishi Motors and Mitsubishi Corp and Mitsubishi UFJ Lease & Finance each invested in Gojek, a Southeast Asian platform spanning ride-hailing to payments, as part of the Jakarta-headquartered firm’s ongoing Series F funding round.
Gojek is looking to raise close to $2.5 billion from this round of fundraising, a person familiar with the matter told FinanceAsia.
For Gojek, this capital will go towards connecting more customers to millions of drivers, merchants, and service providers daily across the region.
"These partnerships and commitments enable us to continue growing our products and services to reach more people and create greater value in the region,” said Andre Soelistyo, Gojek’s president who also leads the firm's investor relations efforts.
Japanese trading house Mitsubishi Corporation already invested in Gojek back in February, alongside Google, JD.com and Tencent among others.
The partnership will also enable Mitsubishi Motors, Mitsubishi Corp, and Mitsubishi UFJ Lease & Finance to tap into Gojek’s expertise and presence in the mobility and consumer services market in the region. Gojek had a total gross transaction value of more than $9 billion and a yearly total transaction volume reaching $2 billion at the end of 2018.
“We foresee the creation of large synergies and innovation that will boost the growth of the three parties,” Osamu Masuko, chairman of Mitsubishi Motors, said.
This story has been updated to show the latest information on Gojek's funding target