Sources: Indonesia's GoTo, created by the Gojek and PT Tokopedia merger, is in talks to raise $1B-$2B at a $25B-$30B valuation, as it plans an IPO
Context & Ripple Effects
GoTo exists because Gojek and Tokopedia moved from separate superapp strategies to combining ride-hailing, delivery and e-commerce under one roof — first reported as advanced merger talks in January 2021, then finalized that spring at a combined value over $18B. This round is the step between merger and market: a private raise at $25B-$30B that prices the combined entity well above the deal value.
First-order effects
- GoTo converts its post-merger valuation into fresh capital of $1B-$2B, funding the superapp through to a planned Indonesia Stock Exchange listing rather than raising on public-market terms.
- Pre-IPO investors buying at $25B-$30B are effectively underwriting the IPO price band — a bet the listing clears the merger-era $18B mark by a wide margin.
Second-order effects
- The follow-on coverage shows the pattern held: GoTo went on to raise $1.5B at a $28.5B valuation, including $400M from the Abu Dhabi Investment Authority, then listed in Jakarta, where the IPO brought in ~$1.1B at a projected ~$28B market cap — validating the private-round pricing.
- Gulf sovereign wealth entering at the pre-IPO stage pulls Middle East capital directly into Southeast Asian consumer platforms, bypassing US and Chinese funds that dominated earlier regional rounds.
Third-order effects
- Jakarta becomes a viable home exchange for mega-cap tech listings: GoTo's offering dwarfed the roughly $172M raised by the ten other Indonesian IPOs that year, giving the exchange a benchmark asset for pricing subsequent tech debuts.
- If the merger-plus-pre-IPO-plus-domestic-listing sequence holds across the region, Southeast Asian tech consolidates into a few listed superapps whose scale is set in private rounds years before retail investors see the shares.
The trend: Southeast Asian tech is consolidating ride-hailing and e-commerce into single superapps that step their valuations up through Gulf-backed private rounds before listing on home exchanges.