Indonesia’s anti-trust agency to scrutinise Gojek-Tokopedia merger

GoTo illustration

Indonesia’s anti-trust agency (KPPU) on Thursday said it would scrutinise the multi-billion dollar merger of the country’s startups Gojek and Tokopedia to check for potential monopolistic behaviour.

Ride-hailing and payments firm Gojek and e-commerce leader Tokopedia announced their merger earlier this week into a tech company GoTo in Indonesia’s largest-ever deal.

The combined entity, which will span online shopping, courier services, ride-hailing, food delivery and other services in Southeast Asia’s largest economy, will be the biggest privately held technology firm in the region.

Gojek and Tokopedia did not immediately respond to requests for comment.

The KPPU said neither company has given the agency notice about the merger, but they are allowed to notify authorities 30 days after the transaction.

The agency will then review the transaction “to focus on various relevant markets in the GoTo Group ecosystem, as well as the potential for monopolistic practices or unfair business competition that can arise after the transaction,” it said, noting that a transaction in the digital market usually requires a complex network effect analysis.

The KPPU also urged other business owners and members of the public to report any violation of regulations on business competition after the formation of the GoTo group.

If the KPPU assessment found that the merger could result in unhealthy business competition, the company will be told to make adjustments to their operation to maintain fair competition, but it does not rule out mergers.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.