Indonesian ride hailing company Gojek and e-commerce firm Tokopedia said Monday that they are merging to form the GoTo Group.
The companies said the deal was Indonesia's biggest ever, based on historical fundraising rounds for Gojek, priced in 2019 and Tokopedia, priced in early-2020, that put the combined past valuations of both companies at $18 billion.
The new company will provide services from ride-hailing and financial services to e-commerce. GoTo is backed by investors including Alibaba Group, BackRock, Tencent and Temasek Holdings.
The merger comes a month after Gojek’s largest rival, Singapore-based Grab Holdings, said it would list in the United States via a merger with a special public acquisition company (SPAC) that valued the