World Economy

Germany’s Allianz Buys $35m Stake in Go-Jek

Germany’s Allianz Buys $35m Stake in Go-JekGermany’s Allianz Buys $35m Stake in Go-Jek

German insurance company Allianz Group has invested $35 million in Go-Jek, a welcome boost for the Indonesian ride-hailing platform amid fierce competition in its home country with Singapore-based Grab, it was announced Wednesday, Nekkei reported. Allianz’s Indonesian unit had already entered a strategic partnership with Go-Jek, whereby it provided health insurance services to drivers and their families. “Through this investment, Allianz and Go-Jek will strengthen their ties and collaboration further,” said Joos Louwerier, President Director of Allianz Life Indonesia. “Together we can offer unique financial products and services to the wider Go-Jek community.” Allianz’s investment follows that of Astra International, Indonesia’s leading car-to-banking conglomerate, which invested $150 million in the ride-hailing operator in February. Other investors include Google, Tencent Holdings, investment company KKR and venture-capital firm Sequoia Capital. The injection of funds comes as the competition in the Indonesian ride-hailing market becomes a two-horse race. US company Uber Technologies pulled out of much of Southeast Asia earlier this month.

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