Indonesian e-hailing and payments giant Gojek and e-commerce company PT Tokopedia announced their imminent merger, forming the largest Internet firm in the country, a Bloomberg report said.
The new entity, called GoTo, would probably be a formidable rival to companies such as Grab and Sea, which is behind e-commerce platform Shopee. Notably, Gojek and Grab were formerly in talks to merge, but that endeavour ultimately fell through.
“We have Gojek’s high volume, high frequency mobility transactions, combined with Tokopedia’s high value, medium frequency e-commerce transactions. GoTo Group will account for more than 2% of GDP in Indonesia,” said GoTo President Patrick Cao, according to CNBC. Gojek co-CEO Andre Soelistyo will lead GoTo as its CEO.
GoTo may eventually seek listing in both Jakarta and the US, with a target valuation between US$35 billion (~RM144.6 billion) and US$40 billion (~RM165.2 billion), Bloomberg said citing sources. Relatedly, rival Grab is famously listing through a SPAC deal worth nearly US$40 billion.
In 2020, Gojek and Tokopedia together saw over 1.8 billion transactions with a total gross transaction value of over USD$22 billion (~RM90.9 billion) as well as monthly active users in excess of 100 million. As of last December, they had a combined, registered driver fleet of over 2 million and over 11 million merchant partners.