It is a big moment in Indonesia as two giants combine for one. Yes, the ecommerce giant Tokopedia will merge with ride-hailing Gojek to form GoTo. The value of the deal? $40 billion. That could be more than the whole value of the Nigerian Stock Exchange depending on your exchange rate. So, these two firms are really amazing.
Goto will be led by Tokopedia CEO William Tanuwijaya and president Patrick Cao; alongside Gojek’s co-CEOs Andre Soelistyo and Kevin Aluwi. Tokopedia and Gojek shareholders will own 42 and 58 percent of the company respectively, according to Bloomberg.
Goto’s services will span e-commerce, courier services, food delivery, ride-hailing and more; estimates from this month peg its valuation at around $18 billion.
The announcement follows news that Singaporean ride-hailing giant Grab will go public in the US in the world’s largest SPAC merger, which would also value that start-up at around $40 billion. Experts expect that the debut will spur a listing spree by Southeast Asian tech firms, including Goto.
---
Register for Tekedia Mini-MBA (Jun 3 - Sep 2, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.