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Indonesia’s “Largest Ever” Merger Is In The Works

By  |  May 17, 2021

Two of Indonesia’s largest tech startups, Gojek and Tokopedia, announced on Monday, May 17, they will merge and look to go public this year, a move that will create one of Southeast Asia’s biggest tech conglomerates and cover everything from ride hailing and digital payments to e-commerce.

The combined entity, which will span online shopping, courier services, ride-hailing, food delivery, and other services in Southeast Asia’s largest economy, will be the biggest privately held technology firm in the region.

It plans to list in Indonesia and the United States later this year, company executives said on Monday.

Two sources familiar with the matter told Reuters that GoTo was seeking a pre-IPO funding that could enable it to raise about US$2 billion followed by public market floats with a potential valuation of roughly US$40 billion for the group.

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