The merger comes a month after GojekвЂ™s largest rival, Singapore-based Grab Holdings, said it would list in the United States via a merger with a special public acquisition company (SPAC) that valued the company at $40 billion. GojekвЂ™s founder Nadiem Makarim is now IndonesiaвЂ™s minister of education and culture, and the newly combined entity GoTo is backed by investors including Alibaba, BackRock, Tencent and Temasek Holdings. The new company will provide services from ride-hailing and financial services to e-commerce. The companies said the deal was IndonesiaвЂ™s biggest ever, based on historical fundraising rounds for Gojek, priced in 2019, and Tokopedia, priced in early-2020, that put the combined past valuations of both companies at $18 billion. SINGAPORE (AP) - Indonesian ride hailing company Gojek and the countryвЂ™s biggest e-commerce firm Tokopedia said Monday that they are merging to form the GoTo Group, adding to surging competition in Southeast Asia that is attracting billions of dollars from investors. Please look at the time stamp on the story to see when it was last updated. This story has been corrected to show that GoTo GroupвЂ™s monthly active users is 100 million.This is an archived article and the information in the article may be outdated. GoTo Group has over 100 million monthly active users, the companies said, with its business encompassing 2% of IndonesiaвЂ™s GDP of more than $1 trillion. It has expanded to become IndonesiaвЂ™s largest e-commerce firm and like its peers has added financial services such as digital payments and lending services. Tokopedia was founded in 2009 by William Tanuwijaya. Makarim stepped down as CEO in October 2019 after joining the Indonesian cabinet, and Soelistyo, together with Kevin Aluwi, were named co-CEOs. It has since expanded to provide not just ride-hailing but also a variety of on-demand services, including food delivery and online payments. Gojek was founded in 2010 by Makarim as a call center for motorbike taxis, known as вЂњOjekвЂќ in Indonesia. GoToвЂ™s rival Grab also provides ride-hailing and on-demand services across eight countries in Southeast Asia, including Singapore, Malaysia, Indonesia and the Philippines, while internet firm Sea Limited has made a massive push into e-commerce in Asia with its Shopee e-commerce platform. The merger of Gojek and Tokopedia comes as competition is heating up in Southeast Asia, where technology companies compete for the wallets of over 650 million people. He said that the company intends to promote financial inclusion while providing вЂњbest in classвЂќ delivery of goods and services. вЂњToday is a truly historic day as we mark the beginning of GoTo and the next phase of growth for Gojek, Tokopedia and GoTo Financial,вЂќ Soelistyo said in a statement released Monday. Gojek co-CEO Andre Soelistyo will lead the new company, while TokopediaвЂ™s President Patrick Cao will retain his title in the combined entity.

This is an archived article and the information in the article may be outdated.

Call center tokopedia