Go-Jek may raise over US$550mil funding

Alternative transport: Go-Jek motorcycle taxi drivers wait for customers’ order at a restaurant in Jakarta. Founded by Harvard-grad Nadiem Makarim, Go-Jek has become one of the most popular ways to get around in Indonesia, especially in traffic-snarled cities like Jakarta. — AP

SINGAPORE: Indonesia’s Go-Jek has secured more than US$550mil in a new round of funding from KKR & Co and Warburg Pincus LLC, a person familiar with the matter said, as investors pour capital into the region’s burgeoning ride-hailing industry.

Go-Jek, which provides motorcycle rides on demand, will use the funds to compete with Uber Technologies Inc and Grab, two private car-hailing start-ups now beginning to offer two-wheeled services on its home turf.