Ride-hailing and payments giant Gojek and e-commerce company Tokopedia have announced a merger to form GoTo. The shareholders of Gojek will own 58% while Tokopedia’s shareholders will own the remaining 42%. The merged company is reportedly targeting a valuation of up to $40B if it debuts in the public markets.
Who are the parties to the deal?
- Gojek: Valued at $10B, Gojek offers a super-app that operates across industries like ride-hailing, payments, merchant services, and more. The company collaborates with 2M drivers as well as 900,000 small and medium enterprises. It has raised $4.7B in total funding. In November 2020, Gojek raised $150M led by Telkomsel. In March 2021, Gojek made a strategic investment in LinkAja, an Indonesia-based state-backed digital wallet.
- Tokopedia: E-commerce platform Tokopedia was last valued at $7B. The company says it’s onboarded more than 9M merchants and boasts over 100M monthly active users in its platform. It has raised $3.3B in total funding. In October 2020, Tokopedia raised $350M led by Google with participation from Temasek Holdings.
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