While Gojek was recently talking to Grab about a possible merger, Tokopedia decided to take the lead to prevent it from happening. Ultimately, Gojek was to merge with Tokopedia to create an Indonesian web giant valued at $ 18 billion.
A record merger for Southeast Asia
Gojek and Tokopedia are the two main technology companies in Indonesia. Their merger would enable the creation of a web giant that would mix the services of PayPal, Amazon and Uber. The future reconstituted company could even go public in the US alongside the Indonesian stock market. This fusion hypothesis had been on the table since 2018. It seems that everything probably quickened when Tokopedia learned that Gojek was also chatting with Grab.
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A merger between Grab and Gojek would have raised competition concerns as the two companies are currently working on common issues, including food delivery or online banking services. Indeed, in addition to offering similar services, these two giants compete in the same geographic area: Southeast Asia. In contrast to Gojek and Tokopedia, they are historical competitors.
Gojek and Tokopedia have known each other for a long time
Some speak of the largest merger in Southeast Asia. An alliance that would combine the strengths of two companies valued at $ 10.5 billion and $ 7.5 billion respectively. Gojek and Tokopedia also have joint investors including Google, Temasek and Sequoia Capital India. The representatives of Gojek and Tokopedia did not want to speak about this merger for the time being.
Note that the founders of these two companies were always friends. You are considering a friendly alliance. This was absolutely not the case with the possible merger between Grab and Gojek. The discussions were heated and this is probably what Gojek disliked. This new alliance between Gojek and Tokopedia would largely dominate in Indonesia, one of the fastest growing web economies in the world.
If this new company goes through its merger process and actually decides to go public in the US, it would be a prime alternative for global investors. There is only one major Southeast Asian company in the US today, which is Sea Ltd, a company that increased its stake 400% last year …