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“Market adoption is accelerating business growth since the pandemic.SPAC is a potential option that we could consider but that we have not committed to anything at the moment," the spokesperson said, "We have not decided yet which market and method, and still considering options.”īridgetown, backed by Asian tycoon Richard Li and Silicon Valley billionaire Peter Thiel, raised $595 million in US IPO in October.īridgetown has also held talks with other Southeast Asian companies in the last few months but hasn’t finalized a merger.Īlso known as special purpose acquisition companies (SPACs), blank-check companies are designed to acquire private companies to help them go public. Tokopedia, which raised $350 million from Google and Singapore state investor Temasek Holdings in November, had not met its aim of raising at least half a billion in its latest round, according to Reuters' source.Ī spokesperson for the company told Southeast Asian tech media e27 that they are considering speeding up its listing plan and have appointed Morgan Stanley and Citigroup as the company's advisors. The Indonesian e-tailer, backed by Japanese conglomerate SoftBank and Chinese e-commerce giant Alibaba, declared plans earlier this year to start preparing for a public listing but is facing increasing competition from SEA Group’s Shopee, the biggest e-commerce platform in Southeast Asia. 15.įounded in 2009, Tokopedia provides an online marketplace that allows individuals and businesses in Indonesia to open their own online stores. Indonesian Unicorn Tokopedia Considers Listing Through SPAC Decem4:19 amīeijing (PingWest)-Tokopedia, the second-largest e-commerce firm in Indonesia, has received a merger approach from blank-check acquisition firm Bridgetown Holdings Ltd, but hasn’t decided whether to pursue a deal, Reuters reported on Dec. This story has been corrected to show that GoTo Group's monthly active users is 100 million.Indonesian Unicorn Tokopedia Considers Listing Through SPAC - PingWest English 中文 GoTo Group has over 100 million monthly active users, the companies said, with its business encompassing 2% of Indonesia’s GDP of more than $1 trillion. It has expanded to become Indonesia’s largest e-commerce firm and like its peers has added financial services such as digital payments and lending services. Tokopedia was founded in 2009 by William Tanuwijaya. Makarim stepped down as CEO in October 2019 after joining the Indonesian cabinet, and Soelistyo, together with Kevin Aluwi, were named co-CEOs. It has since expanded to provide not just ride-hailing but also a variety of on-demand services, including food delivery and online payments. Gojek was founded in 2010 by Makarim as a call center for motorbike taxis, known as “Ojek” in Indonesia. GoTo’s rival Grab also provides ride-hailing and on-demand services across eight countries in Southeast Asia, including Singapore, Malaysia, Indonesia and the Philippines, while internet firm Sea Limited has made a massive push into e-commerce in Asia with its Shopee e-commerce platform.
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The merger of Gojek and Tokopedia comes as competition is heating up in Southeast Asia, where technology companies compete for the wallets of over 650 million people. He said that the company intends to promote financial inclusion while providing “best in class” delivery of goods and services. We are considering to accelerate our plan to go public and we appointed Morgan Stanley and Citi to be our. Indonesia’s largest e-commerce Tokopedia said on Wednesday it was not committed to a merger with a special purpose acquisition company (SPAC) and was evaluating its market options. “Today is a truly historic day as we mark the beginning of GoTo and the next phase of growth for Gojek, Tokopedia and GoTo Financial,” Soelistyo said in a statement released Monday. Tokopedia undecided on SPAC merger, may opt for. Gojek co-CEO Andre Soelistyo will lead the new company, while Tokopedia’s President Patrick Cao will retain his title in the combined entity. The merger comes a month after Gojek’s largest rival, Singapore-based Grab Holdings, said it would list in the United States via a merger with a special public acquisition company (SPAC) that valued the company at $40 billion. Gojek’s founder Nadiem Makarim is now Indonesia’s minister of education and culture, and the newly combined entity GoTo is backed by investors including Alibaba, BackRock, Tencent and Temasek Holdings. The new company will provide services from ride-hailing and financial services to e-commerce.