Go-Jek is seeking $2bn more in funding

Go-JekIndonesian ride-hailing company Go-Jek is reportedly in talks to raise at least $2bn from investors as it looks to drive forward with its overseas expansion plans.

The Jakarta-based firm already boasts investment from the likes of Google and Tencent and, earlier this year, pledged to invest $500m in expanding its services to Vietnam, Thailand, Singapore, and the Philippines.

The latest round of funding is expected to close in several weeks, according to Bloomberg, citing a person with knowledge of the matter. The funding will be used to continue the company’s Southeast Asia expansion and add fuel to its battle with Singapore-based rival Grab.

Last month, Grab announced its plans to invest $250m in Indonesian startups over the next three years as it looks to secure its dominance in Southeast Asia’s largest economy.

The investment in the nation’s startups will focus on services that can be integrated into Grab’s existing platform. Its initial investments will be in healthcare, food delivery, digital payments, and automated processes.