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Gojek, Tokopedia merge to form GoTo Group
The long-awaited merger of Gojek and Tokopedia has been finalized with the establishment of GoTo Group, announced on Monday. The new entity is Indonesia’s highest-valued start-up at an estimated US$18 billion.
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Drivers for online ride-hailing platform Gojek equipped with protective screens take part in a trial session for motorcycle taxi service GoRide in Jakarta. (JP/Dhoni Setiawan)
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omegrown tech unicorns Gojek and Tokopedia announced the completion of a merger on Monday with the formation of a new entity called GoTo Group, which is now Indonesia’s highest-valued start-up at an estimated US$18 billion.
According to a GoTo press release, the business will be involved in e-commerce, on-demand services and financial services in Indonesia, Thailand, Singapore and Vietnam.
Through the long-awaited merger, former Gojek co-chief executive officer (CEO) Andre Soelistyo has become GoTo’s CEO, while Tokopedia president Patrick Cao has become the new entity’s president. Gojek co-CEO Kevin Aluwi has become Gojek’s sole CEO, and Tokopedia CEO and cofounder William Tanuwijaya has remained CEO of Tokopedia.
Andre is also leading the group’s newly formed financial arm, GoTo Financial, which will take over e-wallet GoPay and other financial services offered by the two companies.
“This is a historic day, as the establishment of the GoTo Group marks the further growth of Gojek, Tokopedia and GoTo Financial,” said Andre.
Read also: Gojek, Tokopedia merger talks may lead to blooming start-up collaboration
Patrick Cao said GoTo Group would combine Gojek’s “high transaction volume” with Tokopedia’s “medium e-commerce transactions but with higher transaction values”.
