Gojek and Tokopedia formally announce merger

Photo from Inside Retail Asia

By Inside Retail Asia

Indonesian ride-hailing and payments firm Gojek and e-commerce leader Tokopedia formally announced their merger today in a transaction that will create a technology powerhouse in the country’s largest deal.

Sources familiar with the situation had earlier said the companies were seeking a $18 billion merger. Neither firm confirmed a valuation for the merged group, named GoTo.

The deal comes as Gojek and Tokopedia seek to boost profitability some 10 years after they were founded by offering a bouquet of services under a single platform, extending a regional trend.

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