Thursday, 2024 May 30

“We’re seeing $2.5b for food delivery in Indonesia alone”: Go-Jek on transaction value, international expansion, and IPO plans

Go-Jek co-founder Kevin Aluwi says Go-Jek is currently the largest online transaction platform in Southeast Asia. Annualized gross transaction value across all markets and verticals amounts to US$12.5 billion, Aluwi said on stage at the DealStreetAsia PE-VC summit in Jakarta today.

In Indonesia alone, food deliveries add up to US$2.5 billion gross transaction value, he said, adding that the firm now has 2 million drivers and 400,000 merchants in its network.

Go-Jek launched its ride-hailing and food delivery app in Indonesia in early 2015. It has since seen exponential growth and added many new services, including a mobile wallet, Go-Pay. Last year it expanded into Vietnam, then Thailand and Singapore. Its fiercest competitor is Grab, a company that was founded in Malaysia and is now headquartered in Singapore.

Aluwi claims Go-Jek’s food delivery network in Vietnam is already the second largest in the country. Go-Jek is known as Go-Viet there. “Thailand is early days,” he said, “It’s not at full speed yet, but we will expand aggressively and into many new verticals.”

In Singapore, Aluwi says Go-Jek has already completed more than a million trips since launching less than two months ago.

Aluwi declined to share anything concrete about the rumored US$2 billion funding round Go-Jek has in the works, but said he hopes the company will be able to “share some interesting news in the coming weeks”.

Regarding possible IPO plans, Aluwi said that going public is not currently a priority for the company’s co-founders and investors. He didn’t rule out that Go-Jek might choose to be listed on IDX (Indonesia’s Stock Exchange), which has been a persistent rumor. “IDX is in the cards, but it’s still a hypothesis, rather than ‘this is what we need to do’,” Aluwi said. “We’ll do what’s best for our shareholders and the business.”

Editor: Brady Ng


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