Tencent leads investment round in Indonesia

Updated 2017-05-05 10:00:44 Global Times

Chinese Internet giant Tencent has led a new round of investment totaling .2 billion in Indonesian mobile ride-hailing and delivery service provider Go-Jek, industry website techcrunch.com reported on Thursday, citing two sources close to the matter.

The deal, which was reportedly signed last week, valued the company at billion, the report said. Other investors in the round aren't known.

Go-Jek is one of Indonesia's largest start-ups by valuation and a market leader in the country.

In August 2016, Go-Jek raised 0 million from KKR and Warburg Pincus, which pushed up the company's market value to .3 billion, according to media reports.

The motorbike on-demand start-up competes with Uber and Singapore-based Grab in the Indonesian market. All of these companies have introduced bike taxi services because "two wheels" is considered a more efficient way to navigate in the country's congested cities, techcrunch.com said.

Go-Jek has more than 200,000 drivers across 25 cities in Indonesia.

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