Tag Archives: Uber

Indonesia’s Go-Jek raises $1.2 billion from Tencent

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Fresh from its $550 million funding round last year from investors such as KKR, Warburg Pincus, Farallon Capital, and Capital Group Private Markets, Go-Jek, Indonesia’s answer to Uber and Grab, has recently closed a new round of $1.2 billion led by Chinese internet leader, Tencent. At a $3 billion post-money valuation, Go-Jek is one of Asia’s fast-rising unicorns. According to sources, Go-Jek has been beating Uber in Indonesia since day one. By offering scooters instead of cars, Go-Jek has cautiously avoided a direct collision with the more established taxi industry. Being homegrown also gave the company the advantage of having a deeper understanding of the local market and easily attracted scooter owners to its platform. The company has since expanded into cars with its GoCar and today boasts of having over 200,000 drivers all across the country. The company plans to use its new funds to strengthen its Indonesian operations and hopefully dominate the country’s thriving ride-sharing market which is predicted to be worth $5.6 billion by 2025.

Poly Group invests $400 million in Didi Chuxing 

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Competition in the ride-hailing industry heats up as Didi Chuxing, Uber’s main rival in China, raised $400 million from Poly Group. Poly Group is one of China’s state-owned trading and real-estate conglomerates. This latest fundraising leaves Didi with a valuation of around $27.6 billion. Didi Chuxing, formerly known as Didi Kuaidi, dominates the Chinese ride-hailing market at more than 14 million rides per day. In addition to the equity fundraising, China Merchants Bank recently led a syndicated loan of $2.5 billion and China Life Insurance lent $300 million in long-term debt to Didi Chuxing. The company now has more than $10 billion in disposable funds which it intends to use to ramp up its competition with Uber. 

Didi Chuxing nabs $600 million

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Following its $1 billion raise from Apple, Didi Chuxing, Uber’s main rival in China, has secured yet another investment. State-owned China Life Insurance has infused $600 million into the company. The investment includes a private equity of $300 million at a $24.7 billion valuation and a long-term debt financing of $305 million. The funding comes at a time when Uber continues to ramp up its resources, recently taking $3.5 billion from Saudi Arabia’s Public Investment Fund. While Uber has more money and well known financiers, Didi Chuxing has the home-grown advantage with 300 million users. It also has the financial backing of Apple, as well as, Chinese corporations like Tencent, Alibaba, China Investment Corporation, and China Merchants Bank.

Uber gets $3.5 billion cash infusion from Saudi Arabia

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In the wake of Apple’s $1 billion investment in Chinese ride-hailing company Didi Chuxing, Uber has turned to Saudi Arabia’s Public Investment Fund for its biggest round of financing. The kingdom’s sovereign wealth fund infused $3.5 billion into Uber, making this one of the biggest single investments collected by a privately-held tech company. The latest funding continues to value Uber at $62.5 billion. The ride-hailing giant currently operates in 15 cities and nine countries in the Middle East, including Saudi Arabia. According to sources, the money will help Uber further defend and expand its territory against competitors like Lyft, Didi Chuxing, Grab, BlaBla Car and others.