Indonesia, May 17, 2021 /TechCrunch/ -- Indonesian tech giants Gojek and Tokopedia have completed a long-awaited merger to form GoTo Group, a company specialising in e-commerce, on-demand services and financial services.

The deal is the largest-ever business combination in Indonesia and the largest between two Asia-based Internet media and services companies to date, GoTo said in a press release in May 2021. The combined entity contributes 2% to Indonesia's GDP via its various business lines including a powerful super-app, according to the company.

The combined entity is “a globally unique andhighly complementary ecosystem,” the two firms said as they look to better compete with heavily funded super app Grab and e-commerce platform Shopee. GoToexecutives claimed that the combined entity features:

           1. Total Group Gross Transaction Value (GTV) of over $22 billion in 2020

            2. Over 1.8 billion transactions in 2020

            3. Total registered driver fleet of over two million as of December 2020

            4. Over 11 million merchant partners as of December 2020

            5. Over 100 million monthly active users (MAU)

GoTo will be headed by Gojek's co-chief executive Andre Soelistyo. Gojek's other co-CEO, Kevin Aluwi, will continue as chief executive of the ride-hailing service. Tokopedia president Patrick Cao will serve as GoTo's president, while William Tanuwijaya will remain chief executive of Tokopedia.

In the meantime, Grab has since announced plans to go public in the U.S. via SPAC, and is seeking a valuation of $40 billion, which if materializes at the current terms, would be the biggest-ever deal of its kind.

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