Ride-hailing app Go-Jek is Indonesia’s first decacorn after its valuation hit US$10 billion, according to research institution CB Insights, in its Global Unicorn Club report.
CB Insights places Go-Jek in 19th position, below its competitor Grab, the valuation of which has been is recorded at $11 billion. Uber is still in the top position with total valuation of $72 billion.
Go-Jek, founded by Nadiem Makarim, has obtained capital injections from a number of companies, including Google, Tencent Holdings, Temasek Holdings, Astra International and Meituan Dianping.
The company reportedly collected capital injection of $1.5 billion from a number of investors in 2018 and $1 billion in the first quarter of 2019.
With the capital, Go-Jek expanded to a number of countries in Southeast Asia and optimized its digital payment feature, Go-Pay.
CB Insights included two other local start-ups in the unicorn group, namely Tokopedia and Traveloka, with valuation of $7 billion and $2 billion, respectively.