JakartaGlobe-May 17

Indonesian digital services company Gojek and Tokopedia have unveiled on Monday that they had agreed to combine the former’s mobile on-demand services and payments platform and the latter’s marketplace into GoTo Group, creating a new $18-billion entity that encompasses about two percent of the country’s economic output. Gojek and Tokopedia would continue operation as stand-alone brands under the GoTo ecosystem alongside a new brand of GoTo Financial, which comprises Gojek’s payment system Gopay and other financial services offering. Based on historical fundraising rounds for Gojek, priced in 2019, and Tokopedia, priced in early-2020, the combined past valuation of both companies was $18 billion.

Read more at: https://jakartaglobe.id/business/gojek-tokopedia-create-goto-in-a-landmark-merger-deal