GO-JEK Announces The Launch of Locally Founded Companies in Vietnam and Thailandby Company Announcement July 6, 2018
GO-JEK announces the launch of two locally founded companies in Vietnam and Thailand that will form the first wave of its international expansion. The companies will be run by local founding management teams, with GO-JEK providing knowledge and expertise as well as technology and investment.
GO-VIET, the brand being introduced in Vietnam, will enter its beta testing phase in July, which will involve a select number of drivers and consumers, before it goes to full launch in the next few months. GET, the brand being introduced in Thailand, will launch soon afterwards following consultation with local stakeholders including government, drivers and consumers. Both companies will initially launch ride-hailing and on-demand logistics services before moving on to food delivery and payments.
The international expansion follows many months of planning by the company after its latest fundraising round, which saw backing from Astra International, Warburg Pincus, KKR, Meituan-Dianping, Tencent, Google and Temasek among others. USD$500 million of the funds raised were set aside for international expansion, as the company aims to increase its presence in Southeast Asia. GO-JEK is also planning new operations in Singapore and the Philippines.
GO-JEK CEO and Founder Nadiem Makarim, said:
“Our strategy is to combine the world-class technology developed by GO-JEK, with the in-depth market knowledge and expertise of the local teams, to create local businesses that really understand consumers. We believe that these in-country teams have the knowledge and experience to make the businesses in Vietnam and Thailand a huge success.
They may be using different brands, but they will be operating under the same values system that has made GO-JEK the market leader in Indonesia. It’s not just about growth, it’s about finding ways to have a positive impact on as many people as possible.
We have been working with them for several months now and are excited about continuing to do so as they launch their services and make their presence felt in their respective countries. Ultimately, we want to make sure consumers and drivers feel the benefit of a more competitive industry.”
Nguyen Vu Duc Chief Executive Officer and Co-Founder of GO-VIET said:
“GO-JEK is a pioneering technology company with an extensive ecosystem of 18 diverse services, backed by a strong group of strategic investors. The company’s support is ideal, not just because of its tech and operational know- how, but also because we share the same core values – the desire to make a positive impact on communities by improving living standards and income for families as well as bringing benefits for small- medium and micro businesses.”
Pinya Nittayakasetwat, GET Chief Executive Officer and Co-Founder, said:
“GO-JEK became the first homegrown unicorn in Indonesia because it believed technology could provide a solution to some of the country’s most challenging problems. The GET team is inspired by the way the company turned the pains of everyday commuters into a business opportunity that improved life for millions of people.
We are driven by the same philosophy and we share the same passion to make a positive impact on Thai society.”