SINGAPORE — Indonesia’s ride-hailing start-up Go-Jek announced on Thursday that it will invest about US$500 million to move into four new markets in the next four months - Singapore, Việt Nam, Thailand and the Philippines.

The move will heighten its rivalry with Singapore-based Grab, which already operates in Indonesia, South-east Asia’s largest ride-hailing market.

The expansion into the four countries will start with ride-hailing services, but the company is also aiming to replicate its other services offered in Indonesia to its new markets, Go-Jek added.

It said it is currently working with regulators and other stakeholders across the region to pave the way for the new operations.

Go-Jek also said it will seek out local partners with interests and expertise in each of the new markets.

Go-Jek has reportedly been in talks with Singapore taxi giant ComfortDelGro to explore a tie-up. Both companies said last month they would not comment on rumours or speculation.

Go-Jek raised about US$1.5 billion in a fund-raising round in February, higher than its initial target of $1.2 billion.

The company said on Thursday that its latest fund-raising round brought investment from Astra International, Google, JD.com, Meituan, Tencent and Temasek among others.

Go-Jek chief executive and founder Nadiem Makarim said: "Consumers are happiest when they have choice, and at the moment, people in Việt Nam, Thailand, Singapore and the Philippines don’t feel that they’re getting enough when it comes to ride-hailing.

"We hope that as we arrive in new markets, we will quickly become everyone’s go-to lifestyle app. That is our aspiration. In the meantime, we hope our presence will provide the welcome competition markets need to thrive." — The Straits Times