Gojek and Tokopedia merging to create Indonesia tech giant

This article is more than 12 months old

May 18, 2021 06:00 am

JAKARTA Indonesian ride-hailing and payments company Gojek and e-commerce leader Tokopedia are merging to create a multibillion-dollar tech company called GoTo in the country's largest deal yet.

The combined entity, which will span online shopping, courier services, ride-hailing and other services, will be the biggest privately held technology firm in the region.

It plans to list in Indonesia and the US later this year. Two sources said GoTo was seeking a pre-IPO (initial public offering) funding that could enable it to raise about US$2 billion (S$2.7 billion) followed by public market floats with a potential valuation of roughly US$40 billion.

The companies said their combined past valuation was US$18 billion based on fund-raising done in 2019 and early 2020. - REUTERS