Indonesian ride-hailing firm Go-Jek valued $5 billion in recent fundraising

Indonesian ride-hailing firm Go-Jek has raised a higher than targeted $1.5 billion in a fundraising round from a dozen investors including BlackRock and Google as the firm builds its war chest to fight deep-pocketed rivals.

Go-Jek had planned last year to raise $1.2 billion, and, with the 25 percent extra funds it has received, it is now valued at about $5 billion.

Sources said BlackRock and Temasek are investing about $100 million each in Go-Jek's latest fundraising.

This month, Indonesian conglomerate Astra International said it will invest $150 million in Go-Jek. Go-Jek is expanding in other Indonesian cities and has said it plans to start operations in the Philippines this year, followed by other Southeast Asian countries.