Report: GoTo in talks to raise $2b ahead of Indonesian stock market debut

Details:

• GoTo, which was created through the merger of Gojek and Tokopedia, has initiated the process of raising US$1 billion to US$2 billion, according to the sources. The fundraise would value the company between US$25 billion and US$30 billion.
• This comes amid GoTo’s plans to debut on the Indonesian stock exchange, which the sources said is likely to happen this year, before the company seeks a US listing.

Dive deeper:

• Over a decade ago, Tokopedia was struggling to raise funding for two years, while Gojek was operating as a call center before launching its mobile app. Since then, the two companies have amassed billions of dollars in funding and reshaped the consumer landscape in Indonesia. (Read: Visual: How a decade of work led to the GoTo merger)
• However, while the companies have formally joined hands, their services (a number of which overlap) haven’t. The most obvious intersections appear in both companies’ financial services offerings. (Read: Overlap in Gojek and Tokopedia services suggests possible redundancy)