Indonesian ride-hailing service Go-Jek’s value has been estimated at US$10 billion by a United States (US) market intelligence company, putting it in the ranks of start-ups called decacorns.
Since its launch in 2010, Go-Jek has grown rapidly in Indonesia, a country that is home to more than 250 million inhabitants. Now, as the nation’s first and biggest unicorn looks beyond its shores, things are about to change.
Ever since Uber sold its Southeast Asia-based businesses to rival Grab, social media has been abuzz with complaints against Grab. Complaints against the ride-hailing company were mostly about how fare prices have gone up since the merger.
The competition between ride-hailing apps in the region could slowly become a one horse-race as the tech world has been rocked with rumours of Uber exiting the region.
Go-Jek, Indonesia’s biggest ride-hailing service, agreed to acquire three local financial-technology companies, underscoring its ambition to become the dominant player in the country’s nascent digital-payments industry.
Southeast Asia’s internet economy, spanning online travel to ride-hailing, will reach $50 billion this year, putting it on a solid trajectory to grow fourfold by 2025, according to a joint research report by Google and Temasek Holdings Pte.