Founders of the two companies have been friends since their inception more than 10 years ago and anticipate an amicable alliance. The firms are currently discussing merger ratios that would give each side substantial equity ownership, the people said. Representatives of Gojek and Tokopedia declined to comment. Tokopedia is also backed by Alibaba Group Holding Ltd., which has its own e-commerce unit in the region, Lazada. The two home-grown tech pioneers have common investors, including Google, Temasek Holdings Pte and Sequoia Capital India. Son, who had been a steadfast supporter of Tan in the past, is losing patience with the Grab co-founder’s reluctance to cede some control and is now supporting a merger between Gojek and SoftBank-backed Tokopedia, the people said.
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But they clashed over how to manage Indonesia, the key market in the region. As recently as December, the companies were said to have made substantial progress in working out a deal to combine, people with knowledge of the talks told Bloomberg News at the time.
Southeast Asia’s two most valuable startups – together worth about $25 billion – held on-and-off talks to combine after years of fierce competition in ride-hailing, food delivery and financial technology. Anthony Tan, group chief executive officer and co-founder of Grab Holdings Inc Grab Chief Executive Officer Anthony Tan continues to resist pressure from SoftBank Group Corp.’s Masayoshi Son to give up some control in a combined entity with Gojek, said the people. Gojek and Tokopedia have considered a potential merger since 2018, but discussions accelerated after deal talks between Gojek and arch-rival Grab Holdings Inc. “The deal would have a lot of impact outside of these two companies and have ripple effects that aren’t even all known right now.” “This is potentially a blockbuster deal,” said Usman Akhtar, a partner at Bain & Co. Their businesses range from ride-hailing and payments to online shopping and delivery – a local mashup of Uber Technologies Inc., PayPal Holdings Inc., Inc., and DoorDash Inc. The merged entity would create an Indonesian powerhouse with a valuation of about $18 billion, with Gojek and Tokopedia pegged at around $10.5 billion and $7.5 billion respectively in the talks, according to the people involved.
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A Go-Jek motorcycle taxi driver and a passenger travel along a road in Jakarta, Indonesia Both sides see potential synergies and are keen to close the deal as soon as possible in coming months, they said. The country’s two most valuable startups have signed a detailed term sheet to conduct due diligence of each other’s business, said the people, who asked not to be named as the discussions are private. It has since expanded to provide not just ride-hailing but also a variety of on-demand services, including food delivery and online payments.Indonesia’s ride-hailing and payments giant Gojek is in advanced discussions about merging with local e-commerce pioneer PT Tokopedia, ahead of a planned initial public offering of the combined entity, according to people with knowledge of the matter. Gojek was founded in 2010 by Makarim as a call center for motorbike taxis, known as “Ojek” in Indonesia. GoTo’s rival Grab also provides ride-hailing and on-demand services across eight countries in Southeast Asia, including Singapore, Malaysia, Indonesia and the Philippines, while internet firm Sea Limited has made a massive push into e-commerce in Asia with its Shopee e-commerce platform. The merger of Gojek and Tokopedia comes as competition is heating up in Southeast Asia, where technology companies compete for the wallets of over 650 million people. He said that the company intends to promote financial inclusion while providing “best in class” delivery of goods and services. “Today is a truly historic day as we mark the beginning of GoTo and the next phase of growth for Gojek, Tokopedia and GoTo Financial,” Soelistyo said in a statement released Monday.
Gojek co-CEO Andre Soelistyo will lead the new company, while Tokopedia’s President Patrick Cao will retain his title in the combined entity. The merger comes a month after Gojek’s largest rival, Singapore-based Grab Holdings, said it would list in the United States via a merger with a special public acquisition company (SPAC) that valued the company at $40 billion.
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