JAKARTA: Indonesian ride-hailing app Go-Jek said Thursday it would expand into Vietnam, Thailand, Singapore and the Philippines as it takes on regional rival Grab in the fast-growing Southeast Asian market. The move marks Go-Jek’s first expansion outside Indonesia and comes after US-based Uber this year said it would sell its struggling business in the region to Singapore’s Grab. The company said it would invest $500 million in its international expansion, starting with ride-hailing services in the next few months. Go-Jek has won financial backing from investors including Google, Singapore’s sovereign wealth fund Temasek and Chinese internet giant Tencent. Southeast Asia’s ride-hailing market is expected to reach $20 billion by 2025, according to research done by Google and Temasek.

Source: New Strait Times May 24, 2018 06:11 UTC