Allianz X, the digital investment unit of the Allianz Group, yesterday announced US$35 million investment in GO-JEK, the leading Indonesian ride hailing platform that also offers various consumer on-demand and payment services.
This is Allianz X’s first investment in a Southeast Asian-headquartered company and fourth transaction in 2018. Allianz becomes GO-JEK’s sole international insurance shareholder.
“Allianz X’s strategic investment in GO-JEK underscores Allianz Group's Renewal Agenda and our commitment to digital growth businesses, particularly in emerging markets,” said Mr Nazim Cetin, CEO of Allianz X. “GO-JEK has demonstrated a track record of success within the transportation, logistics and payment sectors and we look forward to supporting their continued growth.”
Headquartered in Jakarta, GO-JEK initially started as a ride-hailing app and evolved into an on-demand mobile platform that provides a wide range of services including transportation, logistics, e-payments, and food delivery, among others.
“Allianz X’s decision to invest in GO-JEK is a testament of the Group’s strategic direction to support digital ventures,” said Mr Joos Louwerier, president director of Allianz Life Indonesia. “GO-JEK is one of the largest digital unicorns in Indonesia and through this investment, Allianz and GO-JEK will strengthen their ties and collaboration further. Together we can offer unique financial products and services to the wider GO-JEK community.”
GO-JEK has more than one million registered drivers on the app serving customers in more than 50 cities in Indonesia.
Allianz Indonesia and GO-JEK started a strategic partnership two years ago, whereby Allianz Indonesia provided health insurance services to GO-JEK drivers. In 2017, this offering was expanded to allow GO-JEK drivers to purchase health insurance for their families. GO-JEK’s investment will increase access to insurance products and services for GO-JEK’s customers.