Tokopedia Is Reportedly Merging With Gojek, Here's Their Response

Gojek and Tokopedia reportedly will merge soon (Antara News)

JAKARTA - The plan to merge two giant Indonesian startups seems to have reached a new stage. Gojek and Tokopedia will soon sign a conditional share purchase agreement (CSPA).

According to reports from market players, the agreement stated that Gojek would have the largest portion of Tokopedia's shareholders. This is because the valuation of the company founded by Nadiem Makarim is bigger than Tokopedia.

The share is 60 percent of shares held by Gojek, while another 40 percent is for Tokopedia investors. Major investors from these two startups include Temasek Holdings, Google, and Sequoia.

Based on the Bloomberg report, the Gojek and Tokopedia merger only needs to clear the merger terms. The two startups are also reportedly discussing the final scene of a joint venture IPO on Wall Street and on the IDX.

The joining of the two large Indonesian companies is claimed to be a giant startup company in the country because it controls a number of sectors such as ride-hailing, online shopping, digital payments, and shipping.

The impact of the merger is predicted to result in a combined valuation of USD 35 billion to USD 40 billion. CB Insights revealed that now Gojek has reached 10 billion US dollars, while Tokopedia has USD 7 billion.

Regarding the news of the share sale and purchase agreement, Nuraini Razak as Tokopedia's VP of Corporate Communications revealed that they had not been able to give an official response regarding the speculation.

"Regarding this question, I apologize. We do not respond to speculation in the market”, said Nuraini, Tuesday, March 9. On the other hand, Gojek also did not want to comment more on this speculation.