Go-Jek, the motorbike on-demand startup that is battling Uber and Grab in Indonesia, has closed a new round of $1.2 billion led by Chinese internet giant Tencent, two sources close the company told TechCrunch. The deal, which we understand was signed last week, values the company at $3 billion post money. It is expected to be officially announced “soon.”

Go-Jek declined to comment. Tencent did not respond to requests for comment.

Go-Jek raised $550 million as recently as August 2016, when it commanded a valuation of $1.3 billion so this new deal has pushed that figure up considerably over a short period of time. The Information previously reported that Tencent was considering an investment in Go-Jek. Other investors in the round are not clear at this stage, but we believe them to be from the existing pool of backers.
Continued on source.