Gojek, Tokopedia and Grab declined to comment. Negotiations picked up in November after months-long merger talks between Gojek and bigger rival Grab started faltering, they said.Īll the sources declined to be identified as the talks were private. Talks between the companies started in 2018 but did not lead to a deal, two people said. GoTo Group is an Indonesian tech giant formed in May 2021 in a blockbuster merger between two of the country’s largest start-ups: Gojek and Tokopedia. The broad terms are largely agreed," said one person. "These are amicable conversations between mutually trusted partners. The founders and some senior executives of Gojek and Tokopedia have been friends for the past decade and are seeking to finalize a deal in the first half of this year, the people said. Ride-hailer Gojek is a one-stop shop for a multitude of services whereas Tokopedia is a marketplace which, unlike rivals such as Bukalapak, does not hold its own inventory. Three of the people with direct knowledge of the matter said on Tuesday that Gojek and Tokopedia in late December agreed to conduct due diligence of each other's business. It'll pave the way for global growth and exits for several other high-growth start-ups from the region," said Varun Mittal, head of emerging markets fintech business at E&Y.Ĭommon investors in the pair include Temasek Holdings, Sequoia Capital and Google.Īlibaba Group Holding and SoftBank Group Corp are among Tokopedia's investors, while Gojek's investors include Warburg Pincus and Tencent Holdings.
"An international listing for a regional internet group will showcase that Southeast Asia isn't a one-hit wonder. The pair have also been benefiting from virus-busting stay-home policies that have stoked demand for food delivery and e-payments in the archipelago's fast-growing e-commerce market. The talks come as the decade-old start-ups seek profitability by offering a bouquet of services as varied as grocery shopping and hairdressing appointments under a single platform. Other than accelerating the growth of the digital economy in Indonesia, GoTo Group will provide convenience to all levels of society to get access to qualified products and services, anytime and anywhere. An IPO this year could make GoTo one of, if not the, most valuable technology companies in Southeast Asia. Meanwhile, the leadership of Gojek will still be in the hand of Kevin Aluwi and Tokopedia by William Tanuwijaya. Indonesian ride-hailing and payment firm Gojek and e-commerce leader Tokopedia are in advanced talks to seal a $18 billion merger ahead of potential stock market listings in Jakarta and the US, people with knowledge of the matter said. A Gojek rider delivers a Tokopedia package in Jakarta.
People wearing face masks walk on a street in Jakarta, Indonesia, Nov. Gojek and Tokopedia which have been moving toward a merger have reportedly inked a conditional sales agreement for a merger.
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