Photo credit: GoTo Group
Indonesian tech giant GoTo Group has dismissed rumors that it has been in any talks regarding a potential merger deal with long-time rival Grab.
Grab and Gojek previously held initial discussions on such a deal roughly four years ago, but a concrete plan did not materialize. Instead, Gojek merged with ecommerce platform Tokopedia to form GoTo.
Earlier this month, however, a Bloomberg report said that GoTo and Grab have revived these talks, with the former now more open to a merger deal under Patrick Walujo – who took on the role of CEO in 2023.
However, in a filing with the Indonesia Stock Exchange, GoTo said it was only made aware of the development through media reports and shot down the rumor.
GoTo highlighted its “increasingly strong fundamentals and financial position,” having recently hit adjusted EBITDA profitability in the fourth quarter of 2023. The company also emphasized its recent deal with TikTok, which it said will directly contribute to the group’s EBITDA results.
“The company will continue to focus on growing healthily and profitably by enhancing product innovation and operational excellence in our on-demand services and financial technology businesses, as well as enhancing shareholder value,” GoTo wrote in the filing.
See also: Are Grab’s and GoTo’s fintech strategies diverging?
Editing by Lorenzo Kyle Subido
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