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Goldman Sachs buys Japan’s Go Inc. Taxi app backed by $1 billion valuation

Hiroshi Nakajima, President of Go Inc. Japanese ride-hailing firm raises money from Goldman Sachs, values ​​it at $1 billion.

Shoko Takayasu | Bloomberg | Getty Images

Goldman Sachs Japan’s largest ride-hailing app Go Inc has invested in a funding round valuing it at $1 billion, the company announced on Wednesday.

The American investment bank invested 10 billion Japanese yen ($72.1 million) in Go.

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Goldman’s investment comes as technology startups still face a difficult environment in which to raise money, as macroeconomic headwinds prevail and fallout from the collapse of Silicon Valley Bank this year – a key pillar of the industry – continues to ripple across the globe. Is.

“We believe this round of fundraising is of utmost importance, demonstrating that we have achieved high social credibility,” Hiroshi Nakajima, president of Go Inc., said in a press release.

The company said it plans to use the funds to improve its app and “develop next-generation businesses stemming from the mobility industry to address various social issues”.

Go Inc. operates an Uber-style ride-hailing service in Japan, but has been trying to get the company to focus on other areas of mobility. For example, it has a business where it sells a camera and software to monitor drivers and make sure they are not driving dangerously.

The company said this year that it was closing its food delivery business as people returned to restaurants after the pandemic.

Goldman Sachs has made its personal investments in tech firms. One of its most notable investments is ride-hailing firm UberHowever, the bank has now sold its entire stake in the company.

But Goldman Sachs is bullish about ride-hailing.

“Mobility is an integral part of our daily lives, and Go Inc. is well-positioned to lead the digitization and innovation of Japan’s taxi market,” Stephanie Hui, global co-head of growth equities at Goldman Sachs Asset Management, said in a press release. Is.” release.

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