Gojek names Facebook, PayPal as new investors in latest funding

Indonesian ride-hailing giant gojek today named Facebook and PayPal as new in its latest funding round.

Existing investors Google and Tencent, who first made investments in the company in 2018, also made a comeback in this undisclosed funding round.

In a press statement, gojek stated that the participation of these global companies in their funding round is meant to support the company’s mission in supporting the growth of digital economy in Southeast Asia, particularly in payments and financial services.

It also stated that gojek is the first Indonesian company to raise an investment from Facebook. This investment is in line with the social media giant’s goal to “create opportunities” for businesses in Indonesia, particularly through its WhatsApp platform.

The investment will also see the integration of PayPal service onto the gojek platform. It will also enable access for GoPay users –gojek’s digital wallet service– to PayPal’s network of 25 million global merchants.

“This is great validation that the world’s most innovative tech companies recognise the positive impact is making in Indonesia and the whole of Southeast Asia. By working together, we have the opportunity to achieve something truly unique as we aim to help more businesses to digitise and ensure that many millions more consumers are enjoying the benefits that the digital economy can bring,” said gojek Co-CEO Andre Soelistyo.

“The COVID-19 pandemic and its associated issues have served as a tough reminder that if our economies are to be more resilient, they must be underpinned by digital infrastructure that diversifies the ways in which people can live and transact. We see our role as a convener of global tech expertise, facilitating collaboration that will ultimately lead to a better future for everyone in our region,” he continued.

Prior to this announcement, Bloomberg reported that gojek raised US$1.2 billion to support the company in its effort to compete with fellow Southeast Asian ride-hailing giant Grab.

Starting off as a motorbike-based ride-hailing service, the company has branched into different services from different verticals within less than a decade.

It has also begun expanding beyond Indonesia in the recent years.

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