Indonesia's ride-hailing giant Gojek has recently raised $1.2 billion for expanding its services, to innovate something new for tech-sector troubles and to secure funds for the coronavirus pandemic to take on Grab Holdings Inc. The name of the investors is not disclosed yet.
This announcement follows the 2019 Series F funding of $1 billion from the participation of Google, JD, and Tencent. Although, the new fundraising finalized last week when the coronavirus has taken a swift in spreading and infecting more than lakhs of people around the globe. Along with this, COVID-19 has also distracted the market sector worldwide, which has also led Gojek's newest finance to below $3 billion.
Although, Gojek's latest funding has marked as one of the most significant investments since the arrival of the novel coronavirus arose in central China in January. COVID-19 is making the economy go down unpredictably and halted all the deal all over the globe.
The outbreak of coronavirus came at a time where investors have interested in growing alerts about the tech valuations, which is also underlined by SoftBank Group Corp.'s who has struggled in justifying giant price tags for former players like Oyo and WeWork.
In an internal memo, Gojek Co-CEO's Kevin Aluwi and Andre Soelistyo said to its employees that with this recently raised fund, we are not closing our investment process here. We have seen strong demand from the investment community to be a partner with us. Besides, there are various existing ongoing conversations that Gojek will update sooner.
They continue, Gojek has announced its first close of $1 billion at the start of 2019 and they had set a target for themselves to multiply more than double the last funds to overall funds to $2.5 billion for Gojek by the start of 2020. And the result is in front of you all, we have easily achieved our target.
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