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Indonesia’s Gojek, Tokopedia merge to create mega tech company GoTo
- Monday | 17th May, 2021
SINGAPORE (Reuters) -Indonesian ride-hailing and payments firm Gojek and e-commerce leader Tokopedia have agreed to a merger to create a multi-billion dollar tech company called GoTo in the country’s largest-ever deal. The merger of Gojek and Tokopedia – each backed by global heavyweight investors – comes amid a surge of competition in the ride-hailing and food delivery markets in Southeast Asia. “GoTo will be unique in its ability to cover two-thirds of Indonesian consumer expenditure”, Tokopedia President Patrick Cao told reporters. Using the model of Alphabet, Gojek and Tokopedia plan to remain separate but work together on payments, logistics and food deliveries. Investors told Reuters the merger will herald a wave of listings for Indonesia, with e-commerce firm Bukalapac and travel app Traveloka expected to list later in 2021.
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