SG watchdog says no merger notice from Grab, GoTo

The Competition and Consumer Commission of Singapore (CCS) said it has not received any merger notification from Grab or GoTo regarding a possible deal between the two ride-hailing firms.

CCS said it is aware of media reports about a potential tie-up and remains open to discussions through its merger notification and pre-notification processes.

Grab, based in Singapore and whose significant shareholder is Uber Technologies, and Indonesia’s GoTo, formed from a Gojek and Tokopedia merger, have reportedly discussed merging for years.

Speculation about a merger intensified after Indonesia’s state secretary confirmed ongoing talks between the companies last week.

Rumors have since circulated in Indonesian media and online, including claims that Singapore might seek to block the deal.

CCS highlighted Singapore’s Competition Act and referenced its previous intervention in the Grab-Uber merger, which resulted in fines and competition measures.

🔗 Source: The Straits Times

🧠 Food for thought

Implications, context, and why it matters.

CCCS will judge any Grab–GoTo deal by effects in Singapore

CCCS objected to Grab’s planned purchase of Trans-Cab, then the parties walked away 1. It also fined Grab and Uber S$13 million for anti-competitive effects from their 2018 deal, marking a record of intervention 2.
Gojek exited Vietnam in September 2024 after six years of losses topping $272 million, signaling struggle outside Indonesia 3.
As of Q1 2022, Grab held the largest market share in Singapore ride-hailing revenue, with Gojek second 4.
CCCS reviews mergers that may lessen competition in Singapore, including deals between foreign firms with effects here 1.

Rivals can use driver multi-homing during merger limbo

Local options exist in Vietnam. Grab had about 42% share, Be held 32%, and Xanh SM had 19% 3. Regionally, smaller platforms such as inDrive and Maxim are active 5.
A drawn-out review creates uncertainty for operations. Driver multi-homing means drivers use multiple apps at the same time to find fares. It is common, and CCCS directions in the Grab–Uber case barred exclusivity 2.
Vendors of driver tools, payments, and route software can target these platforms during expansion as the market reaches US$342 billion by 2030 at a 16.61% Compound Annual Growth Rate (CAGR) 6.
Investors should check traction country by country. In Vietnam, Be at 32% and Xanh SM at 19% took share that Gojek left 3. This hints at defensible positions against mega-apps (platforms bundling services such as rides, food delivery, and payments).