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Indonesia s Gojek, Tokopedia to merge as GoTo Group
Indonesian ride hailing company Gojek and e-commerce firm Tokopedia said Monday that they are merging, in the largest ever deal in the countryâs history
By ZEN SOO AP Technology Writer
May 17, 2021, 7:31 AM
⢠2 min read
SINGAPORE Indonesian ride hailing company Gojek and e-commerce firm Tokopedia said Monday that they are merging to form the GoTo Group.
The companies said the deal was Indonesia s biggest ever, based on historical fundraising rounds for Gojek, priced in 2019 and Tokopedia, priced in early-2020, that put the combined past valuations of both companies at $18 billion.
Search This undated photo shows a Gojek s driver-partner delivering a Tokopedia parcel in Jakarta. (Photo courtesy of Gojek) Gojek, Tokopedia Create GoTo in a Landmark Merger Deal BY :JAKARTA GLOBE MAY 17, 2021
Jakarta. Indonesian digital services company Gojek and Tokopedia have unveiled on Monday that they had agreed to combine the former s mobile on-demand services and payments platform and the latter s marketplace into GoTo Group, creating a new $18-billion entity that encompasses about two percent of the country s economic output.
Gojek and Tokopedia would continue operation as stand-alone brands under the GoTo ecosystem alongside a new brand of GoTo Financial, which comprises Gojek s payment system Gopay and other financial services offering.
Gojek, Tokopedia announce GoTo Group creation through merging services 1 hour ago
Gojek and Tokopedia merger. ANTARA/HO
Today is a very historical day, with the formation of the GoTo Group while at the same time marking the next development phase for Gojek, Tokopedia, and GoTo Financial Jakarta (ANTARA) - Two Indonesian start-ups Gojek and Tokopedia declared the formation of the GoTo Group resulting from the merging of their services.
According to a statement received here, Monday, Gojek s Co-CEO, Andre Soelistyo, will assume the role of the Group s CEO, while Tokopedia s President, Patrick Cao, will serve as the Group s president.
Gojek, Tokopedia Merge To Create Indonesian Tech Giant Valued At $18 Billion forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
The new company will be led by Gojek s Andre Soelistyo as group CEO and Tokopedia s Patrick Cao will be group president. 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.
The merger will likely help Gojek and Tokopedia to take on larger, regional rivals such as Singapore-headquartered Grab and internet company Sea, which operates e-commerce platform Shopee and has a digital payments and financial services business. Sea has a market value of more than $112 billion.
GoTo Group will combine e-commerce, on-demand and financial services from Gojek and Tokopedia. In 2020, their combined transactions were more than 1.8 billion and their total gross transaction value was over $22 billion. The companies together have more than 100 million monthly active users.