Ride service hopes for many thousands of customers

“We’re still in the investing phase, which means that the company is not yet profitable, although some products are profitable,” Soelistyo said.

Go-Jek has raised more than $2 billion from investors since 2016, much of it from very big names: Google, Chinese tech giants Tencent and Meituan-Dianping, as well Singapore’s Temasek Holdings.

Go-Jek’s entry into Singapore will bring it head to head with Grab, which is headquartered in Singapore. Grab offers services similar to Go-Jek’s, such as food delivery and mobile payments.

Grab has garnered more than $6 billion in funding and is backed by SoftBank, Chinese ride-hailing firm Didi Chuxing and Toyota.

Lim Kell Jay, who heads Grab Singapore, said the company welcomes competition.

“We believe more choice in the market enables innovation and promotes a higher level of service in the industry,” he said in an email, adding that Grab wants to fulfill its goal of “becoming Singapore’s everyday superapp.”

Grab has already challenged Go-Jek on its home turf. The company sent CNBC a note from research firm ABI Research that indicates that Grab held 62 percent of the ride-hailing market in Indonesia as of June this year.

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