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Google is back investing in ride-hailing companies. The U.S. search firm and China’s Meituan-Dianping are among the tech giants set to invest in Go-Jek, the Indonesia-based rival to Grab and Uber, a source with knowledge of discussions told TechCrunch. A deal could be completed as soon as next week, though whether Go-Jek announces it is unclear since it has history of not disclosing new investments. Reuters reports that round is worth USD1.2 billion, and we’re hearing that is accurate but with a caveat. These new investors are part of a follow-on to an investment made last year, according to the source.
Meituan-Dianping may not be well known in the west but it is another significant addition. The company was formed through a merger between China’s top two local commerce platforms and is valued at USD 30 billion. Beyond providing a platform that lets physical retail stores tap the internet for business, it is aggressively moving into ride-sharing in China where it hopes to rival Didi thanks to a USD 4 billion investment that closed last year. Read Original Article |
