Grab Holdings is reportedly in advanced talks to acquire Indonesian tech giant GoTo in a deal that could reshape Southeast Asia’s ride-hailing and delivery landscape. Sources indicate the potential acquisition, valued around $7 billion, may be finalized in the second quarter of 2025.
The proposed deal involves Grab purchasing GoTo’s Indonesian operations excluding its financial services arm and its international unit in Singapore. GoTo, formed from the 2021 merger of Gojek and Tokopedia, currently holds a market capitalization of approximately $5.8 billion.
A merger would create a dominant force in the region, commanding about 85% of Southeast Asia’s $8 billion ride-hailing market, with over 90% market share in both Indonesia and Singapore.
However, the deal is expected to face rigorous antitrust scrutiny, particularly in Indonesia and Singapore, due to concerns over market concentration. Analysts suggest that while regulators will be cautious, they may also consider the broader economic benefits of consolidating two major players.
Grab, backed by Uber, and GoTo, supported by SoftBank and Taobao China Holding, have previously engaged in merger discussions, which were hindered by competition concerns. The renewed talks come as both companies seek to achieve profitability amid intense market competition.
Neither Grab nor GoTo has publicly commented on the ongoing negotiations.
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