"In order to truly compete against Sea, Gojek and Tokopedia would have to demonstrate that they are more than an Indonesian business," said Joel Shen, a technology lawyer at Withers. Southeast Asia, with a population of about 650 million, expects to see its internet economy grow to $300 billion from an estimated $100 billion last year.
Tokopedia is a marketplace which, unlike most of its rivals, does not hold its own inventory. Gojek and Grab are both seeking to become one-stop shops for ride-hailing, food delivery and payments. Tokopedia had said an indirect listing via a special purpose acquisition company was an option.
Reuters reported last month that Tokopedia received a merger approach from a blank-cheque acquisition firm. Gojek, Tokopedia and Grab declined to comment.Ī listing of the combined businesses could raise as much as $2 billion, two people said, in what could be one of the biggest IPOs by an Indonesian company. The combined entity would figure in the top 10 Indonesian companies by market value and become one of the largest Southeast Asian tech companies.Īll the sources declined to be identified as the talks were private. The people said Gojek was last valued at just over $10 billion and Tokopedia at around $7 billion. To finalise a deal, Gojek and Tokopedia need to thrash out merger ratios and seek approval from their boards.
Negotiations gathered momentum in November last year after months of merger talks between Gojek and Grab faltered, they said.ĪLSO READ: Google, Temasek might be in talks to invest in Tokopedia Talks between the companies started in 2018, two people said. The broad terms are largely agreed," said one person. "These are amicable conversations between mutually trusted partners. The founders and some senior executives of Gojek and Tokopedia have been friends for the last decade and aim to finalise a deal in the first half, the people said. Three of the people with direct knowledge of the matter said Gojek and Tokopedia in late December agreed to conduct due diligence of each other's business. It'll pave the way for global growth and exits for several other high-growth startups from the region," said Varun Mittal, head of emerging markets fintech business at E&Y.Ĭommon investors in the pair, which are Indonesia's most valuable start-ups, include Temasek Holdings Pte Ltd, Sequoia Capital and Google.Īlibaba Group Holding Ltd and SoftBank Group Corp are among Tokopedia's investors, while Gojek's include Warburg Pincus LLC and Tencent Holdings Ltd. "An international listing for a regional internet group will showcase that Southeast Asia isn't a one-hit wonder. The investors also include BlackRock, Capital Group, billionaire Masayoshi Son’s SoftBank Vision Fund 1, Sequoia Capital India, Singapore’s state-linked investment firm Temasek and Warburg Pincus.ALSO READ: WhatsApp, PayPal invest in Indonesian super app Gojek He left Gojek and 2019 and accepted a ministerial role in the Indonesia government.Īpart from Northstar, GoTo counts Chinese tech titans such as Alibaba Group, JD.com and Tencent as well as Internet behemoths Facebook and Google among its shareholders. Four years later, Makarim developed a mobile app with the backing of early investor Northstar. for a potential listing in the U.S.Įstablished by businessman Nadiem Makarim in 2010, Gojek started as a call center fulfilling courier deliveries in Jakarta manually. Last month, Grab agreed to combine with black-check company Altimeter Growth Corp. Gojek and Tokepedia have been in merger discussions since December after negotiations with rival Grab collapsed, according to media reports. “We are excited for the next chapter and look forward to our shared pursuit of innovation as a catalyst for inclusive growth.” GoTo will account for more than 2% of Indonesia’s $1 trillion economy, the largest in Southeast Asia, GoTo president Patrick Cao said in statement. The companies will continue to coexist as stand-alone brands. The companies, which first worked together in 2015, handled 1.8 billion transactions last year with a gross value of $22 billion. Gojek and Tokopedia were both founded over a decade ago to build a digital platform to tap into the then nascent e-commerce industry across Indonesia and Southeast Asia.
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