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,, KKR, Northstar, Pacific Century Group, PayPal, Provident, Sequoia Capital India, Telkomsel, Temasek, and Visa.

Related Articles

Just Published

1 hour ago

APAC finishes strong at 2022 D&ADs

The region added six more Yellow Pencils on the second day of the awards, bringing its total winning entry tally to 265.

2 hours ago

Kotex campaign depicts women 'owning the night' ...

Watch the films conceptualised by Ogilvy India here

2 hours ago

Interpublic, Omnicom CEOs condemn Texas elementary ...

Omnicom CEO John Wren also said the holding company supports ‘common sense gun legislation.’

2 days ago

Alibaba posts slowest quarterly growth on record, ...

Losses increased because of decline in value of investments in publicly-traded companies; backing for newer businesses such as Taocaicai and Taobao Deals; and the continued impact of Covid.