Gojek, Tokopedia Finalizing $18 Billion Merger

April 15, 2021 2:58 am

Beijing (PingWest)—Indonesian ride-hailing unicorn Gojek and popular e-commerce platform Tokopedia are in the final stages of an $18 billion merger, The Information said. 

The two companies will form a combined entity called GoTo, and the deal is expected to be completed this month, according to the report.

The top management of GoTo will be formed by senior leaders of the two companies, including Gojek's co-CEOs Andre Soelistyo and Kevin Aluwi, as well as Tokopedia's CEO William Tanuwijaya and President Patrick Cao. 

The combined entity will provide services ranging from transportation, e-commerce, food delivery, payment to logistics. In another report, Gojek is said to hold 60% of the joint venture, while Tokopedia controls the remaining shares.

The two Indonesian companies have common backers, including Alphabet, Temasek, and Sequoia Capital India. Tokopedia is also sponsored by Alibaba, which owns Southeast Asian e-commerce company Lazada.

The companies had discussed multiple scenarios to list the combined entity in Jakarta and the US at a possible $40 billion valuation.

Grab, the biggest rival of Gojek, is set for a US listing via Altimeter Capital’s SPAC Altimeter Growth Corp, with a $40 billion valuation.