March 17, 2020 / 8:07 AM / 19 days ago

Indonesia's Gojek closed $1.2 billion funding last week: internal memo

JAKARTA (Reuters) - Indonesian ride-hailing and payments firm Gojek closed an additional $1.2 billion of funding last week, according to an internal memo reviewed by Reuters.

The memo said the company’s total funding stands at just under $3 billion, and added it was still seeing “strong demand” among the investment community despite “turbulence within the tech investment environment and the coronavirus pandemic”.

Written by co-chief executives Kevin Aluwi and Andre Soelistyo, the letter claimed the firm would provide “logistical capabilities...supply chains to keep people fed and payments services,” as Southeast Asia deals with the impact of the coronavirus.

A Gojek spokesperson declined to comment on the memo. News of the memo was first reported by Bloomberg News.

Having evolved from a ride-hailing service founded in 2010 to a one-stop app via which users can make online payments and order food and services such as massages, Gojek is currently in a fight for a larger slice of the Southeast Asian market against Softbank-backed rival Grab.

The Indonesian company, which is seeking a $10 billion valuation in its newest funding round, has denied reports it is in merger talks with Grab.

Two sources with knowledge of the matter told Reuters that while senior executives from the two firms met earlier this year and the topic of a possible merger was discussed, no active merger talks are ongoing.

Grab has declined to comment.

Reporting by Fanny Potkin and Rashmi Ashok; editing by Christian Schmollinger and Louise Heavens

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