Google, JD.com, Tencent back Gojek in fight with Grab

The fight for Southeast Asia's ride-hailing market just went up a gear. Gojek will use another $1 billion from investors to compete with Singapore’s Grab. Breakeven may have to wait.

Gojek's warchest is being replenished in its cut-throat battle for dominance in Southeast Asia's massive ride-hailing market, underlining the support the four-year-old Indonesian company continues to enjoy from its powerful allies.

A person familiar with the deal said on Friday that Gojek has so far raised over $1 billion from existing shareholders in this new round of fundraising, which values the company at close to $10 billion pre-money.

The funds raised will be used to defend and deepen Gojek’s market penetration in Indonesia and strengthen its presence in Singapore, Vietnam and Thailand, Gojek said in a subsequent emailed statement. 

The company...

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