(Sept 16): Go-Jek, Indonesia’s most valuable technology startup, is in talks to raise at least US$2 billion ($2.7 billion) to fuel an accelerated expansion overseas, according to a person with direct knowledge of the matter.

The Jakarta-based company plans to close the funding round in several weeks, the person said, asking not to be identified because the information is private. The startup’s existing backers include Tencent Holdings, Temasek Holdings Pte and Warburg Pincus.

Go-Jek is building up its arsenal to expand in Southeast Asia and fight Singapore-based rival Grab, which bought Uber Technologies Inc.’s business in the region and has said it’s on track to raise US$3 billion in fresh capital this year. The Indonesian company got its start with ride-hailing and has since added a range of on-demand services that lets users pay bills, order food and buy movie tickets.

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