Indonesia’s Internet Start-Ups Gojek and Tokopedia Announce Merger
Indonesia ride-hailing and payments firm Gojek on Monday announced its merger with e-commerce player Tokopedia to form the GoTo Group.
Without disclosing the value of the transaction, Gojek claimed the agreement marked the largest business deal in the country’s history. It pointed to a combined past valuation of $18 billion based on fundraising rounds from Gojek that was priced in 2019 and Tokopedia priced in 2020.
The ultimate goal is an IPO with a public market valuation target of between $35 billion and $40 billion, Bloomberg reported in February.
Photo courtesy of lirneasia.