Tag Archives: GoJek
Platformization is a term in technology that I haven’t heard used much, at least not until I came to Bangkok to speak at a TechSauce event focused on the growing opportunity in Southeast Asia.
I moderated a panel with a group of platform innovators from the region — Go-Jek and Line — with brands that cross many vertical sectors from gaming and chat to ride-hailing and shopping.
These two companies have expanded far beyond their core service. And that makes sense to keep their users coming back for more from their brands no matter the service, said my panelists Ajey Gore, CTO of Go-Jek and Ariya Banomyong.
It’s also a defensive move. If they don’t extend to new areas, someone else. That someone else could very well be the Chinese tech giants who see Southeast Asia as the next opportunity. With a market size of 665 million and a culture that is more similar to China than western markets, China’s largest technology companies are entering the region, snapping up shares in the region’s rid-sharing and payment upstarts such as Go-Jek, Grab, Ola and Paytm.
So it can amount to a strategy of building a moat around your business to ward off rivals. It’s survival of the fittest, explained Go-Jek exec Gore.
This platform is well played by Go-Jek and Line, which can simplify the name of their services with Go and Line, just like Alibaba has done with so many of its offerings such as AliPay, AliCloud, AliHealth and so on.
How do startups fare in an environment where so much of the action is centered on these platform players?
Grace Xia, a venture investor with Jungle Ventures and former Tencent executive, says that startups aren’t cut out. They can become innovation pipelines to these platform companies. That could even lead to an acquisition by the biggies, which certainly is not unheard of in this fast-emerging tech innovative region.
Rebecca A. Fannin is founder/editor of news, events and research group Silicon Dragon. She is an author of three books on innovation and venture trends, and is a public speaker.
JAKARTA (Reuters) – Indonesian conglomerate Astra International said on Monday it will invest $ 150 million in Go-Jek, joining the likes of Alphabet Inc’s Google in the ride-hailing start-up’s latest fundraising round.
Astra Chief Executive Prijono Sugiarto said the group had wanted to invest in Go-Jek for some time but had been looking for the right timing.
“We see that Go-Jek is special, its development is significant,” Sugiarto told a news conference.
The announcement comes weeks after sources told Reuters that Singapore state investor Temasek was also among those investing in Go-Jek as part of a $ 1.2 billion fundraising round.
The funding will help Go-Jek compete with deep-pocketed rivals as players rapidly expand their app-based services and digital payments in Southeast Asia.
Reporting by Cindy Silviana; Editing by Ed Davies and Gopakumar Warrier
SINGAPORE (Reuters) – Alphabet Inc’s Google (GOOGL.O), Singapore state investor Temasek Holdings Pte Ltd and Chinese online platform Meituan-Dianping are investing in a fundraising round of Indonesian ride-hailing start-up Go-Jek, sources familiar with the matter said.
Go-Jek’s existing investors such as global private equity firms KKR & Co LP (KKR.N) and Warburg Pincus LLC are also participating in the funding round of Go-Jek, which is raising about $ 1.2 billion in total, the sources said.
Google, KKR, Warburg and Temasek [TEM.UL] declined to comment. Meituan-Dianping and Go-Jek did not immediately respond to requests for comment. The people declined to be identified as they were not authorized to speak to the media.
Reporting by Anshuman Daga; Additional reporting by Julie Zhu in HONG KONG; Editing by Muralikumar Anantharaman