After regulators in the Philippines blocked Go-Jek from rolling out its fleet on the streets of Manila two months ago, the Indonesian ride-hailing and lifestyle service provider is now reportedly in talks with the country’s oldest conglomerate, Ayala Corp, for an investment, according to two individuals involved in the discussions who spoke to journalists at Bloomberg.
So far, Go-Jek has been unable to appease transportation regulators in Manila, where public transport utilities—including ride-hailing apps—require 60% local equity to operate.
An investment by Ayala Corp could just be the vehicle that kick starts Go-Jek’s mainstay business in the archipelagic nation. It currently operates in Indonesia, Singapore, Vietnam, and Thailand.
Meanwhile, in its home base, Go-Jek has formed a joint venture with Astra International, one of Indonesia’s most wide-reaching conglomerates.
Editor: Brady Ng
