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Gojek, Tokopedia to merge in Indonesia’s biggest ever deal at US$18 billion

  • Gojek’s Andre Soelistyo will lead combined business as CEO, with Tokopedia’s Patrick Cao serving as group president
  • Gojek shahreholders to hold 58 per cent of combined entity called GoTo; Alibaba and SoftBank to be major shareholders of GoTo

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A Gojek driver checks his mobile phone in Jakarta in January. Southeast Asia technology companies Gojek and Tokopedia plan to combine in the biggest merger ever in Indonesia. Photo: Bloomberg
Chad BrayandAlison Tudor-Ackroyd

Tokopedia and Gojek, two of Indonesia’s biggest technology companies, said on Monday that they planned to merge to create a digital leviathan spanning e-commerce, ride-hailing and financial services based in the world‘s fourth most populous country.

Gojek shareholders will hold 58 per cent of the combined group to be known as GoTo. Backed by China’s Alibaba Group Holding and Japan’s Softbank, GoTo will aim to go public later this year, a person familiar with its plans said.

Gojek’s Andre Soelistyo will lead the combined business as GoTo’s CEO, with Tokopedia’s Patrick Cao named GoTo’s president.

The highly-anticipated merger is the biggest ever deal in Indonesia and the largest between two Southeast Asia-based e-commerce companies. Based on historical fundraising rounds for Gojek, priced in 2019 and Tokopedia, priced early last year, the combined valuation of both companies was US$18 billion.

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Kevin Aluwi will continue as CEO of Gojek and William Tanuwijaya will remain CEO of Tokopedia. In addition to his group responsibility, Soelistyo will continue to lead payments and financial services, under the new brand of GoTo Financial, which encompasses GoPay as well as the group’s merchant and financial services offerings.

Chad Bray
Chad Bray
Chad is a UK correspondent reporting on issues ranging from business to Sino-British relations. He joined the Post in 2018 as a senior business reporter focused on finance. He has previously written for The New York Times, The Wall Street Journal and Dow Jones Newswires.
Alison Tudor-Ackroyd
Alison Tudor-Ackroyd
Alison is the Post's Finance Editor. Previously, she was Managing Editor of FinanceAsia; The Wall Street Journal's Asia Pacific Senior Finance Correspondent and before that Reuters' Asia Private Equity Correspondent. She has more than 20 years' experience reporting on finance while based in London, Milan, Paris, Tokyo and now Hong Kong. Alison has moderated panels at numerous summits from Sibos, Milken to Rise. In 2018, she was named Fintech Journalist of the Year and won Outstanding Contribution to Journalism in Asian press awards.
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