Just days after Telkomsel injected $300m into Gojek, the company has finalised its merger with Tokopedia to form a new business called GoTo that will go public this year.
Indonesia-based ride hailing service Gojek and e-commerce marketplace Tokopedia merged today to form a diversified group called GoTo.
Previous reports put the combined business’ valuation at $18bn, but GoTo did not confirm this figure. It will seek a dual listing in New York and Jakarta later this year, according to TechCrunch.
Financial terms were not disclosed, but e-commerce groups Alibaba and JD.com, conglomerate Astra International, technology group Alphabet’s Google subsidiary, telecoms firm SoftBank’s Vision Fund 1, payment services providers PayPal…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
