SINGAPORE (Reuters) - Indonesian ride-hailing and online payment firm Go-Jek on Thursday said it would enter Vietnam, Thailand, Singapore and the Philippines in the next few months, investing $500 million in its international push.
The move will start with ride-hailing services before expanding to other sectors, Go-Jek said in a statement.
“People in Vietnam, Thailand, Singapore and the Philippines don’t feel that they’re getting enough (choice) when it comes to ride-hailing,” CEO Nadiem Makarim said in the statement.
The announcement comes after Uber Technologies Inc [UBER.UL] sold its Southeast Asian operations to local competitor Grab.
Go-Jek said it was working with regulators and other stakeholders across the region to prepare for the new operations.
The expansion follows Go-Jek’s latest round of fundraising, which brought investment from companies including Astra International, JD.COM, Tencent and Temasek.
Reporting by Jack Kim and Aradhana Aravindan; Editing by Edwina Gibbs and Joseph Radford