Japanese taxi-hailing platform GO Inc has raised 10 billion yen (approx $75 million) from Goldman Sachs as part of its Series D funding round, it said in a statement.
According to a Bloomberg report, Tokyo-based GO was valued at ¥135 billion ($1 billion) in its latest fundraising round. The taxi-hailing app will use the proceeds towards aggressive acquisition forays and an initial public offering in the near future, the report added, quoting GO Inc president Hiroshi Nakajima.
Additionally, GO also concluded credit line agreements totaling around $29 million with MUFG Bank and Sumitomo Mitsui Trust Bank.
The company plans to use the new capital to expand its system infrastructure, improve the functionality of its application and solve market-wide issues in the country’s mobility industry.
“We really appreciate Goldman Sachs’ decision to invest in GO Inc despite the challenging market conditions that prevail for startups around the world. We believe this round of fundraising is highly significant, indicating that we have gained high social credibility,” said GO Inc president Hiroshi Nakajima.
Stephanie Hui, global co-head of growth equity at Goldman Sachs Asset Management, said, “Mobility is an integral part of our everyday life, and GO Inc. is well-positioned to lead digitalization and innovation of Japan’s taxi market.”
GO Inc’s taxi-hailing app, GO, has been downloaded around 14 million times. It also runs a taxi service for businesses, support service for road accidents and decarbonisation services.
Goldman Sachs has been considering investing in environmental investment opportunities in Japan after closing The Horizon Environment & Climate Solutions fund at $1.6 billion, according to a Nikkei article published in April. Goldman Sachs also launched its transaction banking business for corporate clients in Japan last month.