Indonesian ride-hailing app Go-Jek will offer more financial services and expand its Thai food delivery business following an investment of an undisclosed amount from Siam Commercial Bank (SCB), Thailand’s largest bank.
Kasikornbank, another large Thai banking group, has invested USD 50 million in Gojek’s regional rival, Grab. SCB is the latest entrant in Go-Jek’s ongoing series F funding round. Go-Jek raised more than USD 1 billion in the round earlier this year in February, from investors including Google, JD.com and Tencent Holdings. In July, it has raised funds from 3 Mitsubishi entities, namely Mitsubishi Motors Corporation, Mitsubishi Corporation, Mitsubishi UFJ Lease & Finance, and also from Visa.
Go-Jek, which is valued at around USD 10 billion, began operations in Thailand with motorcycle rides and food delivery in 2019, under the brand Get. Get has around 20,000 motorcycle drivers for food and parcel deliveries, and 20,000 restaurant partners and has been downloaded 1 million times in Thailand. The tie-up with SCB will allow Go-Jek to add to its app the bank’s products in payments, digital lending and insurance. Drivers, merchants and customers will have more access to the bank’s products like lending for small business and insurance, boosting the lender’s business.
Go-Jek started off as a ride-sharing platform, but has subsequently expanded into a variety of services, from online payments to ordering everything from food and groceries to massage and parcel delivery.
(Sources: Bangkok Post; Deal Street Asia; The Straits Times; Reuters)