REPUBLIKA.CO.ID, JAKARTA -- The issue of the Gojek and Tokopedia merger was getting louder. Gojek and Tokopedia are reportedly in the final stages of a US$ 18 billion (around Rp263.3 trillion) merger agreement.
Reportedly, the two companies will form a joint entity called GoTo. According to the Information, on Wednesday (14/4/2021), the agreement is expected to be reached on this March. Based on the report, Gojek officials will fill the top management positions of the two companies.
"Gojek is rumored to have 60% stake in the joint entity GoTo, while Tokopedia controls the remaining shares," KrAsia reported.
The issue of the Gojek-Tokopedia merger has been circulating since early 2021 - after discussions on the Gojek and Grab merger did not materialize. This is because the merging of Grab-Gojek will cause problems due to monopolistic practices. On the other hand, the Gojek-Tokopedia services actually complement each other.
Tokopedia will gain access to Gojek's logistical resources in order to make its services efficient; Tokopedia seller partners also have the opportunity to seek financing from Bank Jago, a digital bank that also owned by Gojek.
The merger will strengthen the two companies and help Gojek to compete with Grab and Tokopedia with Shopee.
Gojek and Tokopedia have not commented on the appearance of GoTo. However, both companies have leaked codes indicating the merger is imminent. An example is in Tokopedia's latest Ramadan ad.
Gojek and Tokopedia are two giant companies with a valuation of US$ 10.5 billion and US$ 7.5 billion respectively. Gojek has 2 million driver partners and 900 thousand merchants, while Tokopedia claims to have 9.9 million traders.