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Go-Jek said to invest in JD.ID at $1b valuation, Indonesia might have its fifth unicorn soon

January 11, 2019
in Asia News, Business, Economy, Featured, Indonesia, Science & Technology, Southeast Asia
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Home Asia News
Post Views: 75

 

Indonesia is likely to welcome its fifth unicorn soon. JD.ID, the Indonesian e-commerce joint venture of Chinese e-commerce giant JD.com, is reportedly in talk with Go-Jek for a hundreds of millions of dollars capital injection that will value the company at around US$1 billion, if the planned investment pushes through, JD.ID will become the fifth unicorn – tech companies with a US$1 billion valuation price tag – in the country.

The investment, which has not been closed nor confirmed, will further expand the partnership of Go-Jek and JD.com in Indonesia, which started when the Chinese e-commerce giant invested about US$100 million in Go-Jek’s US$1.5-billion Series E funding round as part of efforts to tap growth in Southeast Asian mobile-based services. Go-Jek’s other major investors include Google, Tencent Holdings, and Temasek Holdings.

According to sources quoted by The Information, the two companies are now considering adding to Go-Jek’s app a direct link to JD.com’s Indonesian shopping site. The report also said that Go-Jek is planning to acquire a majority stake in an Indonesian logistics business partly owned by JD.com.

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JD.ID started operations in Indonesia in November 2015 and now provides delivery services for products ordered at its site to 365 cities across Indonesia. The joint venture e-commerce site is majority owned by JD.com while the rest is owned by Provident Capital, a regional investment firm affiliated with an Indonesian conglomerate. The report said Go-Jek is likely to get into JD.ID as its second-largest shareholder by acquiring some of Provident Capital’s stake.

Go-Jek’s planned investment in JD.ID comes at a time when Indonesia’s e-commerce market is forecast to rise nearly eight-fold between 2017 and 2002. Last year, the country’s e-commerce market was valued at US$8 billion, according to a McKinsey report released in August.

A spokesperson for Go-Jek declined to comment citing the company’s practice of not commenting on rumour and speculation.

Source :

KrAsia

Tags: Chinese e-commerceGo-JekIndonesian e-commerceJDID
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