Should the two companies fuse their operations, the result will be a powerful tech ecosystem connecting millions of customers, merchants, as well as driver-partners-rooted in Indonesia but regional in footprint.īoth Gojek and Tokopedia declined to comment on speculation related to their potential merger, but recent media reports suggest the two firms are exploring options like a holding company structure, where Gojek and Tokopedia could still operate independently while accessing each other’s ecosystem.Ī merger between Gojek and Tokopedia could drive more synergy between the two firms, rather than overlapping services, according to Aldi Adrian Hartanto, VP of investments at MDI Ventures, the corporate investment arm of Indonesia’s state-owned telco Telkom Group, an investor in Gojek. Gojek has around 2 million driver-partners and 900,000 SME merchants, while Tokopedia claims to have 9.9 million merchants on its marketplace.
Gojek and Tokopedia are the two biggest and most successful tech startups in Indonesia, carrying valuations of around USD 10.5 billion and USD 7.5 billion, respectively. However, Gojek is now reportedly in advanced discussions with fellow Indonesian tech giant, Tokopedia, for a different sort of merger: one that will not create a monopoly, but instead go head to head with Sea Group-a mainstay in Southeast Asia’s tech sector that dominates food delivery, e-commerce, as well as payments in the region-and Grab, Gojek’s main ride-hailing competitor. The two firms resumed their competition, falling back into the pattern that Makarim described. Discussions fell apart in January this year, possibly due to disagreements over regional leadership in the merged venture. Then, in 2020, they made headlines when SoftBank’s Masayoshi Son was rumored to be orchestrating a merger of the two firms. A super app, which Gojek has aspirations to become, should be part of a duopoly, he argued.įor years, Gojek and Grab have drawn their battle lines within on-demand services, starting with ride-hailing, then food deliveries, fintech, and braids of lifestyle services. Makarim said that monopolies are more for companies that don’t charge consumers for using their services, like Google and Facebook. In a 2019 interview with Indonesia’s former trade minister Gita Wirjawan, Gojek co-founder and then-CEO Nadiem Makarim was asked whether he envisioned a future where Gojek is the only player in town.
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