PT GoTo Gojek Tokopedia has clarified that no decisions have been made regarding a potential merger with Grab, despite growing speculation in the media.

In a disclosure on May 8, 2025 Corporate Secretary R.A. Koesoemohadiani said that the company must conduct thorough assessments of any merger proposals.

This process aims to ensure long-term value for shareholders while considering the interests of key stakeholders, including drivers, MSME partners, customers, and employees.

Koesoemohadiani clarified that no decisions have been made about any proposals received or known to the company.

🔗 Source: Bloomberg Technoz

🧠 Food for thought

1️⃣ Southeast Asia’s ride-hailing giants face consolidation amid fierce competition for profitability

The potential GoTo-Grab merger reflects broader consolidation trends in Southeast Asia’s maturing ride-hailing market, which faces profitability challenges despite strong growth projections.

The Asia Pacific ride-hailing market is projected to grow at 11.0% CAGR from 2024-2031, reaching approximately USD 44,056.10 million in 2024 and representing about 23% of global ride-hailing revenue 1.

This growth potential explains why players are positioning themselves strategically, with both companies having evolved significantly from their origins. Gojek transformed from a Jakarta-based motorcycle taxi service to a multi-service platform with over 2 million drivers across 50 cities, achieving significant transaction growth between 2016-2019 2.

The region’s ride-hailing and food delivery market is valued at USD 30 billion but relies heavily on commission-based models that are increasingly problematic for driver retention and merchant satisfaction 3.

Alternative revenue models like subscriptions and fixed-fee structures are emerging across the industry to address these challenges, potentially reshaping the economics that would underpin a combined GoTo-Grab entity 3.

2️⃣ Super app ambitions drive strategic consolidation in Southeast Asia’s tech landscape

Both GoTo and Grab have aggressively diversified beyond ride-hailing into multiple service areas, following the super app model pioneered in Asia.

Grab’s expansion into healthcare through its “Grab Health” partnership with China’s Ping An Good Doctor demonstrates its strategy to capture more consumer touchpoints beyond transportation and food delivery 4.

This mirrors Gojek’s own diversification into various sectors including four-wheel transport, mobile payments, logistics, and merchant services as part of GoTo’s broader ecosystem 2.