Ride-hailing giant Gojek and marketplace Tokopedia, Indonesia’s two biggest startups, said on Monday they have combined their businesses to form GoTo Group, the largest technology group in the Southeast Asian nation, the fourth most populous country that is currently navigating to contain the economic fallout from the coronavirus pandemic.
GoTo will be preparing for a dual listing — in New York and Jakarta — later this year, executives said. Gojek’s Andre Soelistyo will lead the combined business as GoTo Group CEO, with Tokopedia’s Patrick Cao serving as GoTo Group President. Kevin Aluwi will continue as CEO of Gojek and William Tanuwijaya will remain CEO of Tokopedia, the two firms said in a joint announcement.
The combined entity is “a globally unique and highly complementary ecosystem,” the two firms said as they look to better compete with heavily funded super app Grab and e-commerce platform Shopee. GoTo executives claimed that the combined entity features:
- Total Group Gross Transaction Value (GTV) of over $22 billion in 2020
- Over 1.8 billion transactions in 2020
- Total registered driver fleet of over two million as of December 2020
- Over 11 million merchant partners as of December 2020
- Over 100 million monthly active users (MAU)
- An ecosystem that encompasses 2% of Indonesia’s GDP
The deal, which has been in the works for several months, comes after Gojek spent several quarters exploring a merger with Grab. Tokopedia, meanwhile, was in talks late last year to pursue a public listing this year. Gojek and Tokopedia began talking earlier this (Read more...)