Gojek’s new funding marks one of the largest deals to emerge since the novel coronavirus erupted in central China in January, exacerbating economic uncertainty and chilling deal activity the world over. It comes at a time investors have grown increasingly wary about tech valuations, underscored by SoftBank Group Corp.’s struggle to justify lofty price tags for erstwhile high-flyers like WeWork and Oyo. The Japanese investment giant – which isn’t a backer of Gojek’s – has funneled about US$3 billion into Singapore-based rival Grab.
SINGAPORE (Mar 17): Southeast Asian ride-hailing giant Gojek has raised US$1.2 billion ($1.7 billion) for expansion, defying tech-sector turbulence and the coronavirus pandemic to secure funds to take on Grab Holdings Inc.
The new financing was finalized just over the past week, when the Covid-19 outbreak quickened its spread and triggered market routs across the globe. That took the total raised in its current financing round to just under US$3 billion, the company said in an internal memo obtained by Bloomberg.
