Peeking into the Financial Performance and Stock Movement of GOTO and GRAB Amidst Merger Rumors
JAKARTA – Amid swirling rumors of a potential merger between PT GoTo Gojek Tokopedia Tbk. (GOTO) and Grab, a significant question arises: what does this mean for PT Telkom Indonesia (Persero) Tbk.’s (TLKM) substantial investment in GOTO?
According to PT Telkom Indonesia (Persero) Tbk.’s (TLKM) third-quarter 2025 financial report, as of September 30, 2025, Telkomsel, a key subsidiary, valued its investment in GOTO at Rp54 per share. This marks a notable decrease from the Rp66 per share valuation recorded on the same date in 2024.
TLKM management further stated that the unrealized losses stemming from changes in the fair value of Telkomsel’s GOTO investment amounted to Rp380 billion for the nine months ending September 30, 2025. This figure represents an improvement compared to the Rp474 billion unrealized losses recorded during the corresponding period in 2024.
These values, according to TLKM management, are formally presented as unrealized losses from changes in the fair value of investments within the company’s consolidated income statement.
It is crucial to note that these reported investment losses by TLKM are recorded on a quarter-to-quarter basis. Consequently, these figures do not yet reflect the cumulative investment loss experienced since TLKM first injected capital into GOTO.
Tracing back the history, records from Bisnis indicate that TLKM initiated its investment in what would become GOTO by first investing in PT Aplikasi Karya Anak Bangsa, or Gojek, in 2020.
This initial investment, made on November 16, 2020, took the form of interest-free convertible bonds valued at US$150 million, equivalent to approximately Rp2.1 trillion as of December 31, 2020.
Subsequently, on May 17, 2021, Gojek and PT Tokopedia completed their merger, giving birth to GOTO. This strategic consolidation prompted Telkomsel to execute its convertible bonds (CBs) in accordance with the CB agreement, thereby converting them into shares.
Just one day later, on May 18, 2021, Telkomsel formalized a share purchase agreement. This agreement secured 29,708 conversion shares, valued at Rp2.11 trillion, along with an additional 59,417 shares obtained through a share purchase option, amounting to US$300 million or approximately Rp4.29 trillion.
On October 19, 2021, GOTO underwent a stock split, significantly altering Telkomsel’s holdings from 89,125 shares to a massive 23.72 billion shares. Following this event, Telkomsel assessed the fair value of its GOTO investment at Rp375 per share as of December 31, 2021.
Consequently, by the end of 2021, TLKM had recorded a substantial unrealized gain of Rp2.49 trillion on the fair value of Telkomsel’s stake in GOTO, reflecting the initial positive outlook.
However, the landscape shifted dramatically after GOTO became a publicly listed company on April 11, 2022. Post-IPO, Telkomsel reassessed the fair value of its investment in GOTO, adopting the market value which stood at Rp91 per share.
This sharp decline in share value led directly to Telkomsel recognizing a staggering unrealized loss of Rp6.74 trillion from changes in the fair value of its GOTO investment throughout 2022, underscoring the volatility of market entry.
Summary
Amidst merger rumors between GOTO and Grab, the financial implications for PT Telkom Indonesia (TLKM) and its substantial investment in GOTO are under scrutiny. Telkomsel, a TLKM subsidiary, valued its GOTO shares at Rp54 per share by Q3 2025, a decrease from Rp66 in 2024, contributing to Rp380 billion in unrealized losses for the nine-month period. These reported losses reflect quarter-to-quarter changes rather than the cumulative investment loss.
TLKM’s investment began in 2020 with convertible bonds in Gojek, which merged into GOTO in 2021. Initially, a stock split and pre-IPO valuation led to a Rp2.49 trillion unrealized gain by late 2021. However, after GOTO’s IPO in April 2022, the fair value plummeted to Rp91 per share, resulting in a significant Rp6.74 trillion unrealized loss for Telkomsel during 2022.
