China’s JD.com Invests in Indonesia’s Uber Rival Go-Jek

Chinese online retailer JD.com has invested in Indonesian Uber rival Go-Jek, people familiar with the matter said, in a move that intensifies Southeast Asia’s already fierce ride-hailing war.

JD made its investment as part of Go-Jek’s latest funding round which is expected to raise a total of roughly $1 billion from investors that also include China’s Tencent, the people said. The Information first reported in February that Tencent, the social network company that owns WeChat, was in talks to invest in Go-Jek. That fundraising round, consisting of two parts, has finally come together, with JD’s previously unreported participation. The valuation put on Go-Jek in the latest round isn’t known, although the startup was valued at around $1.3 billion in its previous funding round last year.

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Go-Jek executives, meanwhile, have said that their startup, as a homegrown Indonesian company, is better positioned than foreign competitors when it comes to dealing with local banks and regulators in the payment business. “You cannot win Southeast Asia without winning Indonesia,” Go-Jek CEO Nadiem Makarim said at The Wall Street Journal’s D.Live Asia conference in Hong Kong in June. “There are huge hidden costs of trying to do business in multiple countries at the same time.”

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