The deal is tracking to close in the coming summer months. Terms and investor approval are pending, and shareholders are considering a consent package, sources told Bloomberg. Both startups are looking toward a merger, and shareholder approval is the only thing holding them back, sources told Bloomberg.
Gojek and Tokopedia are seen as tech pioneers. They also have common investors — Google, Temasek, Sequoia Capital India. Tokopedia is also backed by Alibaba.
As Indonesia’s two most valuable startups, Gojek and Tokopedia are looking to solidify a deal that would elevate their status as an eCommerce and ride-hailing mainstay in the Southeast Asian region. Both have discussed a variety of scenarios — including listing the combined entity, which could be worth as much as $40 billion.
Grab Holdings Inc. is set to go public via a merger with Altimeter Capital’s first special purpose acquisition company (SPAC). The deal that could value the Southeast Asian ride-hailing giant at about $40 billion, sources told Bloomberg.
Both Tokopedia and Gojek said in March that they have been moving toward a merger and wanted to list shares on the Indonesia Stock Exchange (IDX). The combined entity could be worth between $35 billion to $40 billion.
Advertisement: Scroll to Continue
The tie-up between the two startups has been a common point of discussion. In early January, talks of a merger were thought to value the firms at $18 billion.
Gojek was looking to expand beyond its current offerings and compete on an international stage.
Founded in 2010, Gojek moved beyond ride-hailing and into food delivery and digital payments. It’s now available in five nations and 200 cities throughout Southeast Asia.
