Tokopedia and Gojek estimate the combined market for on-demand transport and delivery services, e-commerce and fintech in Southeast Asia at $134 billion in 2020. “Shopee remains a significant competitor in Indonesia in an increasing number of areas, but it now has a bigger competitor in this combined entity.” “This will strike a blow at Grab’s lofty aspirations, given GoTo suddenly becomes a larger, more diverse entity,” said Angus Mackintosh, founder of CrossASEAN Research. through a combination with Altimeter Growth Corp., the largest-ever merger with a blank-check company. Grab last month agreed to go public in the U.S. Gojek and Tokopedia have been in discussions for a possible merger since late December after Gojek’s negotiations with rival Grab collapsed. Shares of Sea, the only major Southeast Asian internet company traded in the U.S., have more than tripled over the past year, boosted by the growing popularity of its online shopping platform Shopee and mobile gaming service. The target valuation in the public markets is between $35 billion and $40 billion, Bloomberg News has reported.Ī listing would give global investors another opportunity to bet on one of the world’s fastest-growing internet economies. The company is considering all options, including an initial public offering and a deal with a special purpose acquisition company, he said. GoTo will pursue a listing by the end of 2021, with a goal of having its shares traded in both Jakarta and the U.S., Tokopedia President Patrick Cao told reporters. “We are creating probably the first platform in the world that combines very distinctive platforms - e-commerce, on-demand and financial services - into one larger ecosystem.” “It’s a union of equals,” Gojek co-Chief Executive Officer Andre Soelistyo, who will head the combined app giant, said during a media conference via Zoom. The two companies together were valued at about $18 billion during their merger talks, with Gojek shareholders set to receive 58% of the new entity’s ownership and Tokopedia holders the rest, people familiar with the matter have said. as so-called super apps gain popularity in Southeast Asia, a region of more than 650 million people. Gojek and Tokopedia are betting a larger size will help them better compete against rivals such as Sea Ltd. The startups said Monday they will form a holding company called GoTo through a deal backed by shareholders including Google and Alibaba Group Holding Ltd., without providing a valuation.
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The combined entity is set to form a powerhouse in the world’s fourth most-populous nation, encompassing businesses from car-sharing and fintech to online shopping and delivery. All rights reserved.(Bloomberg) - Ride-hailing and payments giant Gojek agreed to combine with e-commerce pioneer PT Tokopedia to create the largest internet company in Indonesia, before seeking a stock-market debut at home and in the U.S. Other trademarks are property of their respective owners.
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