Login
Indonesian start-up poised to enter foreign tech markets
A company that provides on-demand app services, from online food orders to hailing a moto-taxi, has raised more than US$550 million in capital.
Melissa Coade
Firm: Allen & Overy (GO-JEK)
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: GO-JEK has successfully raised in excess of US$550 million in equity.
Value: US$550 million
Area: Finance
Key players: The Allen & Overy team advising GO-JEK was led by corporate partners Sugianto Osman and Brendan Hannigan, based in the firm’s Jakarta and Singapore offices respectively. Sydney-based senior associate and Asia TMT specialist Connell O'Neill assisted with the transaction.
The core legal team was supported by senior associates Dion Alfadya, Daniel Harris, Shuhui Kwok and Anggraini Dewi. Associates Simone Lowes, Sam Samid, Denise Ng, Ellen Iu and Bagus Wicaksono also assisted.
Sydney-based counsel Jason Gray, who is a specialist in the Foreign Corrupt Practices Act (FCPA), provided FCPA advice. New York-based Craig Cohen provided US tax advice with support from Evelyn Mo.
Deal significance:
Indonesian technology start-up GO-JEK has successfully completed its latest round of equity capital raising.
More than US$550 million was raised, with investment from private equity firms KKR, Warburg Pincus, Farallon Capital and Capital Group Private Markets, in addition to existing shareholders and international investors.
According to Allen & Overy, which advised GO-JEK in its latest funding round, the private capital raising is the largest on record for any technology company in south-east Asia. The extent of the capital raising is “testament to GO-JEK’s strong market position and potential growth opportunities locally and regionally”, a statement from the firm said.
The company claims to be one of the fastest-growing tech start-ups in Indonesia. Its on-demand app products provide services including motorcycle ride-hailing, online food delivery, instant courier and e-wallet services.
Commenting on the deal, Allen & Overy senior associate Connell O’Neill said the raising demonstrated the growing global appetite for exposure to technology sectors in the south-east Asian region.
“It also [shows] Allen & Overy's ability to successfully manage significant, large, later-stage private funding rounds for emerging tech businesses in south-east Asia,” Mr O’Neill said.
According to Jakarta-based partner Sugianto Osman, the funding will “enable GO-JEK to continue to innovate and expand its offering, cementing its position in the Indonesian market and facilitating potential entry into foreign markets.”
