Staff Reporters
May 17, 2021

Gojek and Tokopedia merge to form GoTo Group

The deal will be Indonesia's largest ever merger.

Gojek and Tokopedia merge to form GoTo Group

Indonesian ride-hailing super-app Gojek and ecommerce marketplace Tokopedia have confirmed they will merge to form GoTo Group.

The two companies did not disclose the value of the deal, which has been in the works for months, but claimed it will be Indonesia's largest merger ever. Estimates place the deal in the neighborhood of US$18 billion to US$22 billion. In February, Bloomberg reported that ultimate goal is a potential IPO with an expected public-markets valuation of $35 billion to $40 billion.

Gojek chief executive Andre Soelistyo will lead the combined business as GoTo's CEO. Tokopedia president Patrick Cao will become president of GoTo. Kevin Aluwi will remain CEO of Gojek and William Tanuwijaya will continue to lead Tokopedia. Soelistyo will also lead the payments and financial services unit, which will be rebranded as GoTo Financial.

Both companies are backed by large amounts of venture capital. Tokopedia's investors include Alibaba Group, SoftBank and Singapore sovereign wealth fund GIC. Gojek has backing from Google, Warburg Pincus and Tencent Holdings. Other backers include Astra International, BlackRock, Capital Group, DST, Facebook, JD.com, KKR, Northstar, Pacific Century Group, PayPal, Provident, Sequoia Capital India, Telkomsel, Temasek, and Visa.

Source:
Campaign Asia

Related Articles

Just Published

8 hours ago

Gen Z predictions for Super Bowl LIX

Influencers, pop culture and Taylor Swift still run the show, says Merritt Group’s Sofia Staub.

8 hours ago

Dentsu Creative's global ECDs Darren Urquhart and ...

Moves follow departures of Sue Higgs and Caroline Pay.

8 hours ago

Pfizer to air second Super Bowl ad, doubling down ...

Pfizer is doubling down on its fight against cancer with a 60-second ad set to air during the first quarter of the game.

9 hours ago

OMD releases a fresh new positioning to let the ...

EXCLUSIVE: The global media agency network revealed the brand refresh to over 14,000 employees during a global town hall earlier this week.