Mitsubishi announces investment deal with Go-Jek

Mitsubishi Motors, Mitsubishi Corporation and Mitsubishi UFJ Lease & Finance have announced plans to invest in Indonesia-based Go-Jek, which runs an on-demand multi-service platform in its home country, as well as in Vietnam (Go-Viet) and Thailand (GET). Through a mobile app, Go-Jek provides users access to transportation, food delivery, e-payment and others, similar to what we have here with Grab.

The parties have since signed a memorandum of understanding to discuss collaborative projects for new mobility services in Southeast Asia, but have yet to disclose any financial terms. As this is still the early stage of the partnership, exact details about any potential projects are still unknown as well.

“Go-Jek is proud to be partnering with Mitsubishi Motors Corporation (MMC) and Mitsubishi Corporation. Both companies have a long-standing track records in delivering reliable and quality products, services, and technology to customers around the world,” said Andre Soelistyo, president of Go-Jek Group.

Such a move echoes Toyota’s current partnership with Grab, which has seen several billion dollars being invested over the years, along with other tie-ups. Mitsubishi Corporation is an existing Go-Jek investor, as it previously participated in the first close of Go-Jek’s Series F funding round back in February.

Deal Street Asia reports that Go-Jek is seeking an additional USD2 billion in equity and debt financing to fully close out the Series F round. This will help in its aggressive expansion in three regional markets – Vietnam, Singapore and Thailand – with interest in extending its services to Malaysia, Myanmar and Cambodia this year.

“We are also truly excited to be a strategic partner. Bringing Mitsubishi Motors and Mitsubishi Corporation’s long and strong presence and brand power in Southeast Asia, as well as Go-Jek’s diversified and unique business potentials together, we foresee creation of big synergies and innovation that boost growth of the three parties,” commented Osamu Masuko, chairman of Mitsubishi Motors.

“We believe that the accumulation of know-how of new mobility services that are rapidly spreading in the region and the opportunity to enter the market will contribute to the growth of the Southeast Asian market in the future,” he continued.

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