Indonesia’s Gojek, Tokopedia merge to create tech powerhouse
Indonesian ride-hailing and payments firm Gojek and e-commerce leader Tokopedia announced a merger of their businesses on May 17, creating a technology powerhouse called GoTo Group in the country's largest-ever deal, according to Reuters.
Indonesian ride-hailing and payments firm Gojek and e-commerce leader Tokopedia announced a merger of their businesses on May 17. (Photo: Neikei)
Jakarta (VNA) – Indonesian ride-hailing andpayments firm Gojek and e-commerce leader Tokopedia announced a merger of theirbusinesses on May 17, creating a technology powerhouse called GoTo Group in thecountry's largest-ever deal, according to Reuters.
The news agency cited sources familiar with the situationas saying earlier that the companies were seeking a 18-billion-USD merger.
Gojek Chief Executive Andre Soelistyo will lead thecombined business as GoTo's chief executive officer, while Tokopedia PresidentPatrick Cao will become president of GoTo.
The deal comes as Gojek and Tokopedia – each backed byglobal heavyweight investors – seek to boost profitability some 10 years afterthey were founded by marrying their services in one bouquet under a singleplatform. It also extends growing consolidation among Southeast Asia'sfast-moving tech startups.
Alibaba Group Holding, SoftBank Group Corp and Singaporesovereign wealth fund GIC are among Tokopedia's investors, while Gojek'sinclude Google, Warburg Pincus and Tencent Holdings./.
As Southeast Asian ride-hailing giants Gojek and Grab are reportedly discussing a merger deal, Indonesian officials and experts have warned that a consolidation of such dominant companies may cause a market monopoly.
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Indonesian ride-hailing and payments firm Gojek and e-commerce leader Tokopedia announced a merger of their businesses on May 17. (Photo: Neikei)
