Indonesian super app Gojek and marketplace Tokopedia have merged to form GoTo Group, the companies announced.
Andre Soelistyo from Gojek will serve as GoTo Group’s CEO and lead its payments and financial services under a new brand called GoTo Financial. Patrick Cao from Tokopedia will serve as president of the new entity.
Kevin Aluwi will continue as CEO of Gojek while William Tanuwijaya will remain CEO of Tokopedia.
GoTo Group will have a combined past valuation of US$18 billion. Both Gojek and Tokopedia processed 1.8 billion transactions with over US$22 billion gross transaction value (GTV) in 2020. Taken together, the companies have more than 100 million monthly active users.
Previously, Gojek was rumored to be merging with its competitor, Grab.
Singapore-headquartered Grab recently announced that it was going public in the US through a merger deal with special purpose acquisition company Altimeter Growth, which valued the firm at roughly US$39.6 billion.
Editing by Terence Lee and Eileen C. Ang
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