Indonesian tech giant Gojek is in advanced discussions about merging with local e-commerce pioneer PT Tokopedia for $ 18 million. According to the sources, the deal is expected to happen in the coming months and the new company has planned to go public In The United States Of America and Indonesia.
Gojek and Tokopedia have considered the potential merger in 2018, but the deal derailed after the talks with Gojek and their arch-rival Grab Holdings Inc reached a dead-end. The two most valuable startups in the South Asian market is estimated to be worth $25 billion together.
Their planned U.S.-listing would provide global investors with an alternative option to Sea Ltd. The only major Southeast Asian internet company listed in the U.S. Sea’s shares climbed almost 400% last year, by the growing popularity of its mobile gaming and online shopping platform.
Tokopedia is one of the most visited sites in Indonesia and is making big leaps in the e-commerce industry. With an estimated valuation of $ 7 billion, Tokopedia merging with Gojek have the potential to dominate the market.
“Southeast Asia’s unicorns are entering a stage of maturity where investors require an exit, such as a trade sale or IPO,” said Mark Robinson, Asia Pacific head of technology, media and telecom at international law firm Herbert Smith Freehills.