Formidable ride-hailing startup Go-Jek’s Southeast Asia growth plan suffered a blow when it misplaced the management staff behind its enterprise in Vietnam, however now it has changed them with the previous head of Fb within the nation.
Christy Trang Le, who led Fb’s enterprise in Vietnam for 9 months earlier than quitting for household causes in early 2019, has change into basic supervisor of Go-Viet, which is the title of Go-Jek enterprise within the nation. Le is greatest often called a co-founder of Misfit, the U.S.-Vietnam wearable startup that was acquired by Fossil for $260 million in 2015 — certainly, Misfit CEO Sonny Vu is her husband.
Le, who was beforehand CFO/COO of Misfit earlier than changing into head of Fossil Vietnam, replaces Nguyen Vu Duc and Nguyen Bao Linh, who left their positions as basic director and deputy basic director, respectively, on the finish of March. Go-Jek mentioned that they’re staying on as “advisors,” however their exit sparked ideas that Go-Jek’s growth to Vietnam, the primary promote it moved into past its Indonesia homeland, isn’t going in addition to had been assumed.
Go-Jek is valued at $9.5 billion and likewise has expanded to Thailand and Singapore, with the Philippines in its plans. The startup has been fairly boastful of the obvious market share it has picked up in Vietnam, the place $14 billion-valued Seize is its primary competitor. Go-Jek mentioned in February that it estimated it had gained 40 p.c of the two-wheeled taxi market inside three months of its launch in August and that its meals service grew to become “the main participant amongst comparable meals supply providers.”
Go-Jek mentioned in a press release immediately that Go-Viet has “accomplished hundreds of thousands of journeys” and is rising at 50 p.c per 30 days.
Take all these numbers with a pinch of salt, because it isn’t clear the place the figures originate and Go-Jek is in “fundraising mode” proper now. Even giving it the good thing about the doubt, any market share it gained on arrival would seemingly be all the way down to the beneficiant subsidies which are usually doled out when a brand new firm involves city.
Nonetheless, bringing in a brand new chief — and one with the background of Le — appears like a coup, though her function constructing out Go-Viet’s on-demand enterprise shall be fairly completely different from that of anchoring Fb or working Misfit/Fossil.
“I’ve seen how the success of Go-Jek’s multi-service platform has remodeled the lives of so many individuals in Indonesia and wish to see the identical occur in Vietnam,” Le mentioned in a press release.