Indonesia’s Gojek, Tokopedia Merge to Create Giant Tech Group
Indonesian ride-hailing and payments firm Gojek and e-commerce pioneer Tokopedia are officially merged to create a tech giant called GoTo, CEO of Tokopedia William Tanuwijaya said in a statement posted on his Facebook account.
William said that GoTo is an acronym formed from Gojek and Tokopedia as well as symbolizing the spirit of mutual cooperation behind the merger.
“The merging of Gojek and Tokopedia with a strong vision and mission will truly boost the development of the country," William said.
Both Tokopedia and Gojek made the much-anticipated announcement in a video posted on their official YouTube account respectively. Gojek CEO Andre Soelistyo will be CEO of the GoTo group, while Patrick Cao will become GoTo’s president.
Andre will also continue to lead the payments and financial services business namely GoTo Financial, which includes GoPay services as well as financial services and business solutions for business partners.
Meanwhile, Kevin Aluwi will continue to serve as Gojek CEO and William remains at his post as Tokopedia CEO. “Today marks a historic day [for both companies] with the formation of GoTo Group and this also marks the next phase of growth for Gojek, Tokopedia, and GoTo Financial,” said Andre in a statement on Monday, May 17.
According to GoTo, as of December 2020, the group has a registered driver fleet of more than two million, more than 11 million merchants, and over 100 million monthly active users.
Their combined past valuation was $18 billion based on fundraising held in 2019 and early 2020. GoTo recorded a total Gross Transaction Value (GTV) of more than $22 billion in 2020.
The company is backed by many big investors such as Alibaba Group Holding Ltd., Astra International, Facebook, Google, KKR, Visa, Telkomsel as well as Tencent and Temasek.