Following the blockbuster merger between their startups GoJek and Tokopedia in May 2021, Kevin Aluwi and William Tanuwijaya are moving to raise as much as $2 billion ahead of a rumoured initial public offering (IPO) for GoTo.
In a report by Bloomberg, the country’s biggest startup GoTo is targeting a valuation between $25 billion and $30 billion as it launches on the Indonesian stock market this year before it makes its way to New York around 2022.
Along with GoTo President Patrick Cao and GoTo Group CEO Andre Soelistyo, Aluwi and Tanuwijaya have created Indonesia’s most valuable startup to date. GoTo aims to give Grab a run for its money–the two have recently found themselves in an arms race to offer services on online mutual funds.
While GoJek and Tokopedia will remain to operate separately, the merger has given birth to GoTo Financial, led by Soelistyo, former CEO of GoPay. The goal is to deliver a super-app much like Alibaba, with a full suite of financial services on top of the conveniences that GoJek and Tokopedia already provide.
Beyond the IPO, Aluwi and Tanuwijaya are planning for global domination. In an interview with CNBC, Tanuwijaya said they plan to drive zero waste and zero emissions by 2030, even as they expand their footprint to other countries.
Earlier this year, GoJek has announced its expansion into Vietnam and Singapore. It is also developing a service similar to Grab in the Philippines. On the other hand, GoTo’s rival firm Grab is also expected to be IPO-bound this year with a target valuation of $35 billion after merging with one of Altimeter Capital Management’s special purpose acquisition companies (SPAC).
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