Gojek, Tokopedia merge to form GoTo Group

According to TechCrunch, GoTo will be preparing for a dual listing, in the US and Indonesia, later in 2021. The deal, which has been in the works for several months, comes after Gojek spent several quarters exploring a merger with Grab. In April 2021, Gojek and Tokopedia moved to seek approval from their respective investors. During their talks, the proposed valuation of GoTo was USD 18 billion.

The two companies informed that the existing investors backed the merger. These include Alibaba Group, Astra International, BlackRock, Capital Group, DST, Facebook and PayPal, Google, JD.com, KKR, Northstar, Pacific Century Group, Provident, Sequoia Capital India, SoftBank Vision Fund 1, Telkomsel, Temasek, Tencent, Visa, and Warburg Pincus.