"It takes two flints to make a fire."
Louisa May Alcott’s quote from her book Little Women quite accurately captures the merger of Gojek, an Indonesian ride-hailing and payments firm, and e-commerce leader Tokopedia to form GoTo, Southeast Asia’s new super app.
The merger will birth a digital leviathan that spans e-commerce, ride-hailing, and financial services. Touted as Indonesia’s largest deal and the largest between two Southeast Asia-based e-commerce companies, the combined entity is valued at $18 billion based on Gojek’s historical fundraising rounds priced in 2019 and Tokopedia’s valuation in 2020.
