Indonesia’s ride-hailing and online payments unicorn Go-Jek is planning to launch its ride-sharing services in Singapore by the end of this month, reports TechCrunch. Interestingly, the news comes just one week after Singapore’s anti-trust commission slapped a combined $9.5-million fine on Grab and Uber.
Grab is currently leading the ride-hailing market in Singapore, with about 80 percent market share. It was founded in Malaysia but has since moved its headquarters to Singapore where it is registered as a business.
The arrival of Go-Jek is highly anticipated as it is expected to revive competition in the market. Go-Jek, which officially revealed its overseas expansion plans shortly after the Uber-Grab deal was announced, has so far kicked off operations in Vietnam and Thailand.
At the EPF Global Private Equity Summit last Wednesday, co-founder Kevin Aluwi said:
We’ve gotten to a point where we understand that building that multi-vertical platform is a step-by-step process, and we now have a sense of what that looks like. We have a greater sense of confidence in terms of how to build a full on-demand ecosystem. International expansion is not easy, both from being ready as an organisation and as a management team and also from a product and technology standpoint. These are things that historically we simply didn’t have the capacity to do back then but now we’re very confident that we have all the right ingredients.
To fuel its international expansion plans, the Indonesia-based Go-Jek is also reported to be raising at least $2 billion in funding.
The company has also rolled out mobile digital-payment services, as a way to scale their businesses and build a potentially lucrative business by offering financial services to a large number of people with little access to banking.