Go-Jek Adds Products to Dominate Indonesian On-Demand ServicesBy and
Go-Jek will add five new services as Indonesia’s fastest-growing startup deepens its range of on-demand products to dominate its home market before embarking on regional expansion.
The company has already moved from its roots as a source of cheap motorcycle rides in Jakarta and 14 other cities to become Indonesia’s largest food delivery business with more than 35,000 merchants and the biggest digital wallet. The company is investing in user acquisition and retention across its businesses, Chief Executive Officer Nadiem Makarim said in an interview with Bloomberg Television.
Founded by Harvard graduate Makarim, Go-Jek’s mobile app has had more than 29 million downloads since debuting in 2015. Consumers use the app to get groceries and packages delivered as well as buy movie tickets among 15 current services as the company acquires startups in India to add engineering talent and expand its offering to 20.
“We’ve become kind of one-app-to-rule-them-all service as opposed to just a ride hailing application,” he said at Bloomberg’s Raffles Lawn event Tuesday. “We want to be able to control all the verticals and continue to dominate across all in just one country first before moving on to regional expansion.”
Go-Jek’s early backers include NSI Ventures, an arm of private equity firm Northstar Group, Sequoia India and Yuri Milner’s DST Global. In August, the company raised more than $550 million from investors including KKR & Co., Warburg Pincus LLC, the largest ever for an Indonesian technology startup.
“Investing in Go-Jek is kind of investing in 15 different companies in all one all. So Go-Jek is a more efficient way of investing in technology in Indonesia,” Makarim said.
— With assistance by Adam Rollason, and Anand Menon