Indonesia's Go-Jek announces $500 million expansion

www.cnbc.com

Break out the popcorn, the ride hailing battles that I've discussed here before just got a lot more interesting. Indonesian unicorn Go-Jek, on the back of a $1.5bn fundraise, announced this week that they are taking that money and going traveling. The company plans on spending $500m to expand into 4 additional markets - Singapore, the Philippines, Vietnam and Thailand - the expansion set to further heat up the rivalry with Singapore-based Grab (who, as you may recall, recently bought Uber's business in Southeast Asia). And, in case you forgot, Grab is backed by Softbank (major backers of Alibaba and Ant Financial) while Go-Jek is backed by Tencent (maker of WeChat Pay). A fun game of chess being played at many levels.

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