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Exclusive | Gojek and Tokopedia’s holding group GoTo plans fundraising ahead of blockbuster IPO this year

  • GoTo is targeting a post-money value of about US$40 billion in Jakarta and US listing, similar to pricing of Grab’s SPAC
  • GoTo’s IPO will be first major IPO by an Indonesian tech start-up in Jakarta, paving route for others to follow, such as e-commerce player Bukalapak

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A Gojek rider delivers a Tokopedia package in Jakarta. An IPO this year could make GoTo one of, if not the, most valuable technology companies in Southeast Asia. Photo: AFP
Alison Tudor-AckroydandChad Bray

On Christmas Eve last year, four executives from Indonesian unicorns Gojek and Tokopedia dialled into a Zoom conference to hash out a US$18 billion merger, the largest in the country’s history.

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On the call were Gojek’s co-chief executives (CEOs) Andre Soelistyo and Kevin Aluwi. Representing Tokopedia were co-founder William Tanuwijaya and president Patrick Cao, according to a person briefed on their conversation about creating a digital juggernaut spanning e-commerce, ride-hailing and financial services.

The timing seemed fortuitous. The coronavirus pandemic had driven merchants and customers online, helping to make Gojek’s businesses profitable. A merger would build on this momentum and fortify defences against an onslaught by Singapore-based Grab and Shopee across the world’s largest archipelago.
Now the newly merged entity, GoTo Group, is planning another round of fundraising this summer ahead of launching an initial public offering (IPO) later this year that could make it one of, if not the, most valuable technology companies in Southeast Asia.
An newspaper advertisement in Indonesia announces the merger between Gojek and Tokopedia. Photo: EPA-EFE
An newspaper advertisement in Indonesia announces the merger between Gojek and Tokopedia. Photo: EPA-EFE
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When it talks to financial institutions and sovereign wealth funds during pre-IPO fundraising, GoTo will highlight its plans to transport Tokopedia packages using Gojek’s bikes, paid for customers using the group’s e-wallet.

“They can help us anchor the IPO, which we expect to do before the end of the year,” Cao said during an interview with the Post.

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