SINGAPORE (May 24): Go-Jek, the Indonesian-based ride hailing firm, will be investing $500 million in its international expansion strategy, entering four new markets – Vietnam, Thailand, Singapore and the Philippines – within the next few months.
The expansion plan pits Go-Jek directly against larger rival Grab, including in the latter’s home market of Singapore. In March, Uber Technologies Inc. agreed to swap its Southeast Asian business for a 27.5% stake in Grab, thereby withdrawing from a hotly contested region of more than 600 million people.
