SINGAPORE (Apr 11): Financial services provider Allianz says it has invested US$35 million ($45.8 million) in Indonesian ride-hailing platform Go-Jek through its digital investment unit, Allianz X.

The deal – which makes the Allianz group of companies Go-Jek’s sole international insurance shareholder – marks Allianz X’s first investment in a Southeast Asian-headquartered company, and its fourth transaction for the year.

Allianz Indonesia and Go-Jek entered into a strategic partnership two years ago for the former to provide health insurance services to Go-Jek drivers. In 2017, this offering was expanded to allow these drivers to purchase health insurance for their families.

Allianz’s latest investment in Go-Jek further increases access to the group’s insurance products and services for Go-Jek’s customers across more than 50 cities in Indonesia.  

In a Wednesday announcement, Nazim Cetin, CEO of Allianz X, says the strategic investment in Go-Jek underscores the group’s Renewal Agenda and its commitment to digital growth businesses, particularly in emerging markets (EM).

Highlighting Go-Jek as one of Indonesia’s largest digital unicorns, Joos Louwerier, President Director of Allianz Life Indonesia, says the investment is set to further strengthen ties between the two companies.

“Through this investment, Allianz and Go-Jek will strengthen their ties and collaboration further. Together we can offer unique financial products and services to the wider Go-Jek community,” adds Louwerier.