“Our goal is to kill this (wallet),” Nadiem Makarim, founder of Indonesia’s ride-hailing service Go-Jek said at the Wall Street Journal’s D.Live conference in Hong Kong, even as his fellow panelist, William Tanuwijaya, the founder of the country’s first unicorn Tokopedia watched on.
For Makarim, his vision for Go-Jek goes far beyond solving transportation woes.
The 32-year-old Harvard graduate spoke about removing cash entirely, especially that which is needed for daily transactions such as transport, food, moving stuff, utilities, and bills, among others. “Our goal is to cover the gamut of transactions so you won’t be required to transact outside your smartphone,” he said.
In total, Go-Jek claims to have about 40 million downloads across the country.
About 50 per cent of Indonesia’s ride-hailing market was Go-Jek’s, he said at the WSJ summit, while adding that the company also accounted for as much as 95 per cent of the online food delivery market in that country.
Go-Jek is one of Indonesia’s largest startups by valuation and claims to have over 200,000 drivers across the country. The firm is backed by KKR and Warburg Pincus, and has reportedly closed a new funding of $1.2 billion led by Tencent. The deal values on the on-demand hailing app firm at $3 billion, although these reports have not been confirmed yet.
Go-Jek is set to use this capital to expand across the region, with likely destinations being the Philippines, Thailand, Myanmar and Vietnam.