Gojek and Tokopedia Management Agrees to Merge

The management and leaders of Gojek and the e-commerce company Tokopedia have reportedly agreed to a merger or merger of the two companies. The next process awaits approval from the shareholders.

“The management and boards of the two startups have officially agreed to continue the merger,” said a source who did not wish to be named as quoted by Bloomberg, Friday (9/4). “They just need to find a shareholder agreement through what is called the approval package.”

The two jumbo startups have some of the same investors, such as Google, Temasek Holdings Pte, and Sequoia Capital India. Apart from these global investors, Tokopedia is also supported by Alibaba Group Holding Ltd. Alibaba also has an e-commerce unit in Southeast Asia, namely Lazada.

However, both Gojek and Tokopedia have not yet provided detailed information on the agreement. Gojek said that it would provide further information in the near future if there was a corporate action.

Both are Reportedly Going to IPO after the Merger

The two companies prefer an IPO in the country than an IPO on the United States (US) stock exchange. However, Gojek and Tokopedia will still have an IPO on the US stock exchange which is targeted to be carried out in 2022. The news of a jumbo startup IPO has also been confirmed by the Commissioner of IDX Pandu Sjahrir.

He said that there are three jumbo startups in the country that are preparing for an IPO on the IDX in the second semester of 2021. “There are three names that have already registered, and are preparing to take the floor on the stock exchange in the second half of this year,” said Pandu at the Grab Business Forum 2021 event, Thursday (25/3).

If that happens, it will be the first time a conglomerate of technology companies has taken the floor on the Indonesian stock exchange. “We are learning, such as calculating valuation values ​​and others,” he said.

Previously, a D-Insights source said that Gojek and Tokopedia had signed a conditional sales and purchase agreement (CSPA). The point of this agreement is that Gojek will hold 60% of the shares of the joint entity, Tokopedia the rest.

However, VP of Corporate Communications Tokopedia Nuraini Razak stated that the news was not true. “We do not comment on market speculation,” he said, two weeks ago (10/3).

Gojek and Tokopedia Collaboration during Ramadan

One signal of the closeness of Gojek and Tokopedia can be seen from the collaboration between the two companies in the Ramadan campaign program. The campaign entitled ‘Closer to the Far, Send Meaningful’ will facilitate Tokopedia users who shop in the special category ‘Ramadan Parcels’ to get exclusive services from GoSend.

The Ramadan campaign of the two companies will start from April 13 to May 12, 2021. GoSend will provide free shipping (postage) worth IDR 15,000 which applies to the Jabodetabek area. In addition, free shipping worth IDR 10,000 will apply to all of Indonesia outside the Jabodetabek area with a minimum spend of IDR 30,000.

Gojek Head of Logistics Steven Halim said the collaboration between the two companies was due to the high demand for goods and parcel delivery services during Ramadan. During Ramadan last year, the demand for GoSend services increased by 40% compared to the previous year.

“This collaboration can not only provide fast, easy and safe delivery solutions for customers but also encourage the growth of online merchants,” he said in a press release, Thursday (1/4).

Meanwhile, VP of Marketing for Tokopedia Hilda Kitti said that during last year’s Ramadan, food parcel transactions on Tokopedia also nearly quadrupled. “This indicates that online shopping is increasingly becoming a mainstay of society,” he said.

Previously, Gojek and Tokopedia had collaborated on various initiatives, including the #SenangnyaInstan campaign. The campaign is designed to meet the needs of economical shipping for users of Gojek logistics services, such as GoSend, GoSend Portal, GoBox, and GoShop.