Indonesia's first billion-dollar startup races to kill cash

Singapore

GO-JEK became Indonesia's first billion-dollar startup by offering ride-hailing services that became ubiquitous in the country. Now the company is planning a second act in digital payments amid rising competition from local rival Grab and Uber Technologies Inc.

Go-Jek, backed by Sequoia Capital, KKR & Co and Warburg Pincus, rolled out the technology in April to let customers pay for rides and other services with digital payments instead of cash.