Gojek scoops $300m from Telkomsel, giant Tokopedia merger still looming

By Robert Scammell

Indonesian ride-hailing and payments company Gojek has secured a $300m investment from Jakarta-based wireless carrier Telkomsel as Gojek’s proposed merger with ecommerce platform Tokopedia continues to be discussed.

In a joint statement published on Monday, Gojek and Telkomsel said the investment would “open up more opportunities for synergy and integration of digital services”.

Telkomsel is a subsidiary of Telkom, Indonesia’s largest telecom operator, while Gojek is a so-called super-app that started out as a motorcycle ride-hailing platform in 2010. It has since expanded to offer more than 20 services including payments and food delivery.

The two companies have previously integrated parts of their services, such as Telkomsel MyAds with GoBiz. Gojek drivers gained access to better mobile data packages via Telkomsel, while the pair also co-marketed games in collaboration with Tencent.

The new deal follows Telkomsel’s $150m investment in Gojek last November. Gojek has previously attracted investment from tech heavyweights such as Google, PayPal and Visa. According to GlobalData’s deals database, Gojek has raised $1.24bn in capital investment since 2019.

Telkomsel said the investment was aimed at boosting its position as a digital telco company. Gojek positioned the move as helpful for Micro, Small and Medium Enterprises (MSME) in the region.

Gojek Group Co-CEO Andre Soelistyo said: “Telkomsel’s continued funding will clearly optimise the resources and technology expertise of each company to innovate and expand the benefits of the digital economy for more consumers, driver partners and MSME players throughout Indonesia.

“We are both confident and committed that this partnership will support the acceleration of Indonesia’s digital transformation which will strengthen Indonesia’s position as the leader in the digital economy market in Southeast Asia.”

The cash boost comes as Gojek and Tokopedia work to complete a proposed $18bn merger to create a company reportedly named GoTo. The deal was first reported in February this year, with Bloomberg sources suggesting at the time that the target valuation of the combined company is between $35bn and $40bn. This would make it the third-largest company by market value on the Indonesia Stock Exchange, and a true super app in the same class as China’s WeChat.