Indonesian conglomerate Astra International said it will invest US$150mil (RM593.5) in Go-Jek, joining the likes of Alphabet's Google in the ride-hailing startup's latest fundraising round. Astra chief executive Prijono Sugiarto said the group had wanted to invest in Go-Jek for some time but had been looking for the right timing. "We see that Go-Jek is special, its development is significant," Sugiarto told a news conference. The announcement comes weeks after sources told Reuters that Singapore state investor Temasek was also among those investing in Go-Jek as part of a US$1.2bil (RM4.75bil) fundraising round. The funding will help Go-Jek compete with deep-pocketed rivals as players rapidly expand their app-based services and digital payments in Southeast Asia.

Source: The Star February 12, 2018 05:26 UTC