Indonesia's Astra joins in fund raising for Go-Jek

JAKARTA (Reuters) - Indonesian conglomerate Astra International said on Monday it will invest $150 million in Go-Jek, joining the likes of Alphabet Inc’s Google in the ride-hailing start-up’s latest fundraising round.

Astra Chief Executive Prijono Sugiarto said the group had wanted to invest in Go-Jek for some time but had been looking for the right timing.

“We see that Go-Jek is special, its development is significant,” Sugiarto told a news conference.

The announcement comes weeks after sources told Reuters that Singapore state investor Temasek was also among those investing in Go-Jek as part of a $1.2 billion fundraising round.

The funding will help Go-Jek compete with deep-pocketed rivals as players rapidly expand their app-based services and digital payments in Southeast Asia.