Allianz Becomes Sole Insurance Shareholder of Go-Jek
Allianz X, the digital investment unit of the Allianz Group, announced a $35m investment in Go-Jek, an 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 (see below) in 2018. Allianz becomes Go-Jek’s sole international insurance shareholder.
Go-Jek, established in 2010, started as a ride-hailing app and evolved into an on-demand mobile platform that provides a range of services including transportation, logistics, e-payments, and food delivery, among others. It partnered with Allianz Indonesia two years ago to allow Go-Jek drivers to purchase health insurance from Allianz.
“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. 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” – CEO of Allianz X, Nazim Cetin.
“Allianz X’s decision to invest in Go-Jek is a testament of the Group’s strategic direction to support digital ventures . 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” – President Director of Allianz Life Indonesia, Joos Louwerier.
Go-Jek has more than one million registered drivers on the app, operates in 50 cities in Indonesia, and has raised over $2B since its inception.