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While e-commerce is booming in Indonesia, with its digital economy expected to grow to $124 billion by 2025, according to a 2020 study by Google, Temasek Holdings and Bain & Company, its 17,000 islands are spread across an area bigger than the European Union, making it extremely costly.
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Using the model of Alphabet, Gojek and Tokopedia plan to remain separate but work together on payments, logistics and food deliveries. Gojek and Tokopedia's senior executives have personal and family ties and held discussions about a deal in 2018, sources said. GoTo's deal came together quickly in December after months of negotiations between Gojek and Grab fell apart.
#Tokopedia gojek driver#
"If you look at our regional peers, they exceed only at covering one sector."Ĭao will become GoTo's president and Gojek CEO Andre Soelistyo will be CEO of the group that says it has more than 100 million monthly active users and a registered driver fleet of more than 2 million. "GoTo will be unique in its ability to cover two-thirds of Indonesian consumer expenditure", Tokopedia President Patrick Cao told reporters. Sources said Gojek's shareholders will own 58% of the holding company with the balance held by Tokopedia's investors. GoTo's biggest investors include Alibaba Group Holding (9988.HK), SoftBank Group Corp (9984.T), Singapore sovereign wealth fund GIC, Alphabet's Google (GOOGL.O) and Tencent Holdings (0700.HK). "GoTo will still need to face stiff competition from larger regional rivals Shopee and Grab, which are leading in market share in both e-commerce and food and which have their dominance in other parts of Southeast Asia to cushion the long term investment commitment into Indonesia," said Jianggan Li, CEO of venture outfit Momentum Works. Last month, Southeast Asia's largest ridehailing and food delivery firm Grab clinched a $40 billion merger with a special purpose acquisition company and Singapore-based regional internet firm Sea Ltd (SE.N), which runs e-commerce platform Shopee, is also muscling into food delivery and financial services. Stay-at-home pandemic restrictions have stoked demand for food delivery, e-commerce and e-payments. 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.
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In a joint statement, the companies said their combined past valuation was $18 billion based on fundraisings done in 2019 and early 2020, and declined comment on future valuations. Two sources familiar with the matter told Reuters that GoTo was seeking a pre-IPO funding that could enable it to raise about $2 billion followed by public market floats with a potential valuation of roughly $40 billion for the group.