Online payment system PayPal Inc. (PYPL) and Facebook Inc. (FB) owned online messaging platform WhatsApp announced they will be investing in Gojek app which is a ride hailing, food and payment app based in Indonesia.
Gojek is currently running financing rounds, the two companies did not disclose the size amount of their investment or stakes they would own in Gojek. However another investor in Gojek commented WhatsApp’s investment in the company is a significant one.
Gojek which has a market valuation of $10 billion, said its existing investors among them Alphabet Inc. (GOOGL) and Tencent Holdings Ltd (0700) had joined the ongoing financing round.
Citing internal records the company has already raised $1.2 billion since inception of the financing round back in May.
In a blog post, WhatsApp’s Chief Operations Officer Matt Idema said the company is working hand in hand with Gojek to support the growth of millions of small businesses.
Currently WhatsApp boasts of having 100 million users in Indonesia, sector analysts are saying this investment will undoubtedly boost presence of the messaging platform in the country significantly.
Facebook seems to be on an investment spree in South Asia as the pioneer social network company invested $5.7 billion in the digital arm of India based Reliance Industries Ltd (RELI).