Indonesia’s GoTo Startup Seeks $2B In Pre-IPO Talks

Indonesian startup GoTo is aiming to raise as much as $2 billion from investors before it makes its way onto stock markets in its native land and in the U.S., according to a Bloomberg report.

The company, which was born this spring out of a merger between ride-hailing service Gojek and eCommerce company PT Tokopedia, is shooting for a valuation between $25 billion and $30 billion, sources told Bloomberg, and GoTo wants to launch on the Indonesian stock market before it gets listed in the U.S. some time next year.

The combined entity offers ride hailing, food delivery, eCommerce and financial services under the brand GoTo Financial, which encompasses GoPay and other merchant and financial services.

The merger between the two tech behemoths is the biggest in Indonesia’s history. It is also the largest between two internet platforms based in Asia. The deal was backed by major investors including Alibaba, BlackRock, Facebook, Google, JD.com, PayPal and others.

GoTo Group CEO Andre Soelistyo called the merger “historic” and said it is an opportunity that will benefit drivers, merchants and consumers using its platform. The combined scale of the two entities will “increase financial inclusion in an emerging region with untapped growth potential.”

Founded in 2010, Gojek began as a ride-hailing business that branched out into food delivery and digital payments. Tokopedia, founded in 2009, started with a mission to create a digital landscape to facilitate commerce throughout the region.

“Our goal has always been to build a company that creates social impact at scale, leveling the playing field for small businesses and giving consumers equal access to goods and services across the country,” said Tokopedia CEO William Tanuwijaya in the joint announcement last spring.

He added that the merger will advance Indonesia’s digital economy and facilitate access to goods and services “for people from all walks of life.”