No business shall thrive without seeing some obstacles. Hills may be tough to climb, but it's the relentless will to succeed that can bring a business to its goals.
Learning from experience and piling up knowledge, Indonesia's ride-hailing app GO-JEK finally hit a $10 billion valuation, according to research institution CB Insights in its Global Unicorn Club report.
This makes GO-JEK the country’s first "decacorn".
Founded by Nadiem Makarim and a little less than a decade in operation, the company has obtained capital injections from a number of companies, including Google, Tencent Holdings, Temasek Holdings, Astra International and Meituan Dianping.
The company is also reported to have collected capital injection of $1.5 billion from a number of investors in 2018, as well as $1 billion in the first quarter of 2019.
According to GOJEK ‘s corporate affairs chief Nila Marita in response to a query:
"GO-JEK has the highest market share among e-commerce service providers seen from the average active user application per week (weekly active users), based on the data from a global platform that analyzes the use of mobile applications worldwide."
"The number of GO-JEK Weekly Active Users is 55 percent higher than similar applications in Indonesia, based on data from the same analysis platform."
According to CB Insights’ list of unicorns that was last updated in March, GO-JEK is one of the 19 decacorns already established around the world.
On its website, the data intelligence firm said that it collected the data primarily via algorithms or its own machine learning software. It also gathered direct submissions from investors, including venture capitalists, angel investors, private equity firms, as well as family offices.
CB Insights places GO-JEK in 19th position, below its competitor Grab.
The GOJEK’s archrival was valued at $11 billion in August 2018, but after it bagged $1.46 billion as part of its ongoing Series H from the SoftBank Vision Fund in 2019, its valuation is said to have jumped to $14 billion.
Uber on the other hand, is still in the top position in the ride-hailing business with a total valuation of $72 billion.
CB Insights which listed 335 number of unicorn companies with a total valuation of ~ $1,086 billion, also included three other Indonesian startups: Tokopedia, Traveloka and Bukalapak, with valuation of $7 billion, $2 billion and $1 billion, respectively.
According to Indonesian Communications Minister Rudiantara, he said that while the news of GO-JEK reaching the "decacorn" status hasn't been confirmed and was only based only on the CB Insights report, it's certainly a big achievement.
"It is indeed a significant milestone not only for Indonesia but also for the region," he said.