“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’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.
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.