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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.

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    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.

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    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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