Talks between the companies started in 2018, two people said. The broad terms are largely agreed," said one person. "These are amicable conversations between mutually trusted partners. The founders and some senior executives of Gojek and Tokopedia have been friends for the last decade and aim to finalise a deal in the first half, the people said.
Three of the people with direct knowledge of the matter said Gojek and Tokopedia in late December agreed to conduct due diligence of each other's business.
It'll pave the way for global growth and exits for several other high-growth startups from the region," said Varun Mittal, head of emerging markets fintech business at E&Y.Ĭommon investors in the pair, which are Indonesia's most valuable start-ups, include Temasek Holdings Pte Ltd, Sequoia Capital and Google.Īlibaba Group Holding Ltd and SoftBank Group Corp are among Tokopedia's investors, while Gojek's include Warburg Pincus LLC and Tencent Holdings Ltd. "An international listing for a regional internet group will showcase that Southeast Asia isn't a one-hit wonder. Bigger rivals in the space include Southeast Asian ride-hailing, food delivery and e-payments firm Grab, and Singapore-based regional internet company Sea Ltd, which commands a market value of $100 billion and operates e-commerce platform Shopee.Īs a merged company, decade-old start-ups, Gojek and Tokopedia would seek to expand market share and pursue profitability by offering services, such as grocery shopping and courier services from a single platform.
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