What is Gojek (GoTo) and Tokopedia?

What is Gojek? A disruptive "Super app" and the largest company in Indonesia. Set to launch a Gojek IPO after merging with Tokopedia.
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A customer using GoPay to finalize a transaction. GoPay is one of GoJek's fintech integrations.

What is Gojek?

One of the most popular apps in Indonesia is Gojek. If you are not from SEA or Indonesia, you’re probably asking yourself, “What is Gojek?”. At its core, Gojek is an app that is used for food & shopping, payments (fintech), transport & logistics, entertainment and many more Gojek services. Gojek is considered to be Indonesia’s biggest unicorn company that has built an on-demand empire across South East Asia. 

What is Gojek

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In Indonesia, Gojek first launched its function in 2015. Nowadays, based on GTV (Gross transaction value) it is the largest consumer transactional technology group in Southeast Asia. Gojek currently operates in Indonesia, Vietnam, Singapore, Thailand, and the Philippines. The potential user base across these countries is 553 million people. 

The three pillars on which Gojek operations consists are speed, innovation and its social impact. The focus point of Gojek is to empower the informal sector of South East Asia.

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GoBike is the ground transportation service offering from Gojek. These drivers may transport customers, pick up food or deliver packages.

These however are the nuts and bolts of what Gojek is. Gojek however, is more than its services. The company represents a cohesive and disruptive economic force in Indonesia. Imagine the worlds fourth-largest country having a singular platform that encompasses nearly every part of its citizens daily life, this is Gojek. 

What are the Gojek and Tokopedia Merger details

Two of the biggest companies in Indonesia, Gojek and e-commerce provider Topkopedia are on the verge of finalizing their terms of merger along with their agreement. Both companies are in amidst of discussing scenarios to list a combined entity in countries such as Jakarta and U.S. The target valuation in the public markets is between $35 billion and $40 billion, one of the people said. They are planning to create an internet powerhouse at the leading edge of businesses from ride-hailing and digital payments to online shopping and delivery. 

Gojek a ride-hailing, food delivery company and Tokopedia e-commerce leader in Indonesia are in between a discussion to seal an 18 billion dollar merger. The talks come ahead of a potential dual IPO listing of the combined entity in Indonesia and the USA, while the option of working with a blank-cheque company (SPAC) for the latter is under consideration. 

What stock market will Gojek Trade on?

According to the sources both Gojek and Topkopedia are discussing different scenarios and one of them is a combination of both companies before their listing in Indonesia and the U.S. Another scenario that is under consideration is to list Tokopedia first in Jakarta after that merge it with Gojek before their combined listing in U. S. For both companies it is yet to decide which method of listing they should go for. It is yet to decide whether to choose conventional Initial Public Offering or Special Purpose Acquisition to list company in the U.S. For instance, a “blank-check” company established with a pool of money which then can be used to buy more company or companies. Gojek is in talks with Tokopedia about 18 Billion dollars. 

Gojek was previously in talks with another ride-hailing rival, Grab Holdings Inc. but these talks became dragged and ultimately came to an end. Many issues led to its failure but even after its success, this deal would likely have faced regulatory opposition since it would combine the two major providers of on-demand rides and delivery services in several South-East Asian markets.

Grab has recently announced that they will be merging with Altimeter to bring Grab to the public markets. The new entity, GRAB will be listed on the Nasdaq in the United States. 

What is the Gojek (GoTo) IPO date?

Gojek is Indonesia’s first unicorn startup revealed that the company has no interest in tapping public markets immediately. Gojek is planning to get a listing with IDX which is an Indonesian exchange. They are considering listing in IDX as it is a primary market and somewhere else as a secondary market. The combination of Gojek with Tokopedia could be revolutionary for the ASEAN tech space. Their merger will create a parallel player along the line of Amazon in the US and Alibaba in China. 

According to the company’s spokesman, GoJek which is a ride-hailing company in Indonesia is considering their Initial Public Offering (IPO) in the coming three to four years which is roughly around 2024. The first aim of GoJek is to book their profit even before listing shares at the stock market. Last year in December, Tokopedia stated that they have hired Morgan Stanly and Citigroup as their advisor for Initial Public Offering (IPO). They also confirmed to take SPAC route for their US listing. Gojek also interested in becoming a public company and for that they talked with Grab but talks have fallen without any beneficial results. 

What is Gojek’s (GoTo) strategic position

Tokopedia and Gojek merger would be the biggest agreement for the country and can transform e-Commerce business in Indonesia. Since 2018 this potential alliance between two companies has been discussed as the founder and many senior executives have been acquaintances for the past ten years. They will finalize a deal in the first half of 2021. By joining hands with Tokopedia, Gojek can expect to accelerate its access to more public markets. As they have an e-commerce business in their portfolio it will help to broaden its attraction in public market investors.

An avid explorer, investor and leader Josh founded Post Nautical in 2018. After a seventeen year career at Apple Inc, Josh spent two years traveling across South East Asia, the Indian subcontinent and Tanzania. This journey inspired Josh to focus his energies in investing into companies in emerging countries.
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