Gojek, the mobility and payments platform, and e-commerce company Tokopedia have merged.
The combined Indonesia-based businesses form GoTo Group, which is the country’s “largest digital consumer platform,” according to a statement.
Total group gross transaction value amounts to $22 billion in 2020 and more than 100 million monthly active users.
The statement goes on to say: “The GoTo Group will tap into the huge potential of Southeast Asia’s largest economy with its fast-growing middle class and young, tech-savvy population. GoTo Group will also continue to focus on the fast-growing and emerging markets where Gojek already operates.”
Gojek, which recently attracted a $300 million investment from network service provider Telkomsel, has operations in Singapore, Thailand and Vietnam, as well as Indonesia.
Andre Soelistyo, Gojek Group co-CEO, will lead the combined business as GoTo Group CEO, while Tokopedia’s Patrick Cao becomes GoTo Group president.
Cao says: “Our business model is now even more diverse, stable and sustainable. We have Gojek’s high volume, high frequency mobility transactions, combined with Tokopedia’s high value, medium frequency e-commerce transactions.
"GoTo Group will account for more than 2% of GDP in Indonesia and we’re going to create a lot more employment and income earning opportunities as our company and the economy expand. We are excited for the next chapter and look forward to our shared pursuit of innovation as a catalyst for inclusive growth.”
Kevin Aluwi, CEO and co-founder of Gojek, adds: “Executing a deal of this size and scale so seamlessly was only possible because we believe in the same goals: a relentless focus on consumers to give them the best experience, supported by the densest and fastest mobility network in the region, alongside the most comprehensive pool of merchants.”
The companies say that based on historical funding rounds their combined past valuation was $18 billion.