Indonesia is home to four of Southeast Asia’s seven technology unicorns. Go-Jek, the ride-hailing, logistics, and payments giant, is the first Indonesian company to reach unicorn status (a valuation higher than USD 1 billion).
Founded in 2010, Go-Jek boasts a fleet of over one million drivers and more than 18 app-based services. Go-Jek reached a valuation of USD 1.3 billion in 2016, one year after launching its mobile application, and the current value has reportedly reached USD 9 billion.
So, who are Go-Jek’s investors? In this article, we will provide an overview of the most significant investments and shareholders of Go-Jek. The information sources from respective government institutions accessed via Emerhub company registry.
*Note: this article only covers investments into Go-Jek’s legal entity, PT Aplikasi Karya Anak Bangsa. It does not reflect additional investments made into Go-Jek’s subsidiaries or other affiliated legal entities such as PT Go-Jek Indonesia which Nadiem Makarim presumably founded before involving investors. The article also does not include the ongoing funding round.
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The corporate structure of Go-Jek
Go-Jek Directors and Commissioners
CEO and founder Nadiem Makarim holds 58,416 shares which are 4.81% of total shares. Kevin Aluwi, Chief Information Officer (CIO) and co-founder, holds 205 shares. Other Go-Jek corporate leaders include:
- Andre Soelistyo (Indonesia) – Head Director, holds 3,357 shares
- Antoine de Carbonnel (Indonesia) – holds 1,923 shares
- Hans Patuwo (Indonesia)
- Monica Lynn Mulyanto (Indonesia)
- Thomas Kristian Husted (Indonesia)
Commissioners (not shareholders)
- Nadiem Makarim (Indonesia) – Head Commissioner
- George Raymond Zage III (Singapore)
- Ho Tak Chow (Singapore)
- Jeffrey David Pearlman (Singapore)
- Kusumo Martanto (Indonesia)
- Li Zhaohui (China)
- Pandu Patria Sjahrir (Indonesia)
- Pradyumna Agrawal (Singapore)
- Prijono Sugiarto (Indonesia)
- Shailendra Jit Singh (India)
- Shane Chesson (Hong Kong)
- Sugito Walujo (Indonesia)
- Terrence Lee Chi Hur (Singapore)
- Zhang Li (Indonesia)
For more information on the roles of shareholders, directors, and commissioners in Indonesia, please see our previous article on the corporate structure in Indonesia.
Major shareholders in GO-JEK
Go-Jek is legally incorporated in Indonesia as PT Aplikasi Karya Anak Bangsa. According to its corporate record, the company has official paid-up capital of IDR 445,979,109,000 (roughly USD 30 million).
Source: Company profile via Emerhub registry
The record reports 12 financing rounds (called Series A – Series L).
However, there are differences in the official record and media coverage regarding investment value and which firms have invested.
Media coverage of major investments in Go-Jek
- 2016 – Go-Jek is valued at USD 1.3 billion and secures over USD 550 million from investors including KKR, Warburg Pincus, Farallon Capital, and Capital Group Private Markets.
- 2017 – Go-Jek is valued at USD 2.5 billion and secures over USD 1.2 billion in funding. China’s Tencent reportedly led this round.
- Early 2018 – Go-Jek secures another USD 1.5 billion fund injection at a USD 5 billion valuation, this time from Google, Singapore’s Temasek Holdings, and BlackRock.
- October 2018 – Go-Jek is raising a USD 1.2 billion and seeking a valuation of US $9 billion, according to a recent report by The Information. Investors are said to include Google, Tencent, and JD.com.
Corporate record of most significant shareholders of Go-Jek
The biggest investors in Go-Jek each hold more than 30,000 shares and in a total of 76,07% of the offered shares.
% of the offered shares
Gamvest PTE Ltd.
(Singapore entity, links to a US-based real estate company)
A, D, E, F, I
KKR Go Investments
(Singapore, large American investment firm)
Sequoia Capital India Investments
(Mauritius, technology-focused American venture capital firm)
B, C, D, F, I
(Warburg Pincus, American private equity firm)
Golden Signal Limited
(British Virgin Islands/Hong Kong)
F, G, H, I
(UK-based real estate company)
(CEO and Co-Founder)
D, E, I
NTH Gemma Inc
(Cayman Islands entity, possible links to Singapore private equity firm Northstar Group)
A, B, C, F I
Sixteen Dragonfruit SA RL
(Indonesian conglomerate and automotive giant)
Tencent Mobility Limited
(Hong Kong, a Chinese investment holding conglomerate)
F, G, H, I
(No information available)
(Indonesia, a subsidiary of Djarum Group)
(Singapore, a subsidiary of Temasek Holdings, Singapore’s sovereign wealth fund)
Google Asia Pacific
(Singapore subsidiary of American tech giant Alphabet)
OSV Moto Holdings
(No information available)
A, B, C
Other major investors of Go-Jek
Other major players including DST Global, NSI Ventures, and Chinese e-commerce platform Meituan-Dianping have also reportedly invested in Go-Jek.
Access the full background report of PT Aplikasi Karya Anak Bangsa via Emerhub’s company registry.
What information does Emerhub’s company registry in Indonesia include?
Emerhub’s company registry is a one-stop shop that has made doing background checks in Southeast Asia simple and comprehensive.
It provides company profiles of Indonesian entities. Our profiles include information on all companies legally registered in Indonesia, including their:
- business activities
- members of the board of directors, and commissioners
- Articles of Association
- changes in the corporate structure
All the information is available to you in English.
Emerhub’s company registry saves you the hassle of coordinating with local authorities to obtain this data. You will receive the reports within one business day.
How to get information about a company in Indonesia?
Visit our company registry to check the background of any legally registered entity in Indonesia, the Philippines, or Vietnam.