Rumors are circulating that PT GoTo Gojek Tokopedia Tbk (GOTO) is considering a potential merger with Grab, another prominent player in the Southeast Asian ride-hailing and delivery sector. The National Investment Management Agency (Badan Pengelola Investasi Daya Anagata Nusantara), widely known as Danantara, is reportedly set to play a pivotal role in facilitating this significant corporate action.
Pandu Sjahrir, the Chief Investment Officer (CIO) of Danantara, acknowledged that his agency has received guidance from the government and will adhere to these directives concerning both Grab and GOTO. However, Sjahrir underscored that the ultimate decision regarding this proposed amalgamation rests firmly on the business-to-business (B2B) relationship between the parties involved. He emphasized that any business process must inherently prioritize commercial aspects that promise favorable returns. Danantara, Sjahrir stated, is prepared to support the process while meticulously evaluating the companies’ business viability and incorporating valuable input from the government.
“This would undoubtedly be a very positive development, but we must certainly focus on the B2B relationship between the two companies. And let’s not forget, both are publicly listed companies, so we must be cautious in our discussions,” Pandu remarked at his office on Tuesday (11/11).
Adding another layer to this complex situation, State Secretary Minister Prasetyo Hadi had previously indicated that the government is actively formulating regulations that would govern a potential merger between the two dominant online ride-hailing or ‘ojol’ companies. The government has engaged in extensive discussions with the leaders of both Gojek and Grab regarding this plan and intends to involve Danantara throughout the process, signaling a concerted effort to shape the future of the digital economy.
Danantara’s influence extends to PT Telkom Indonesia Tbk (TLKM), one of its managed entities, which holds a significant stake in PT GoTo Gojek Tokopedia Tbk (GOTO). This state-owned telecommunications giant has been a strategic investor in GOTO since 2020, even when the company was still privately held, highlighting its long-term vision for the digital landscape.
However, TLKM’s substantial investment in GOTO shares has yet to materialize into gains, with the company currently reporting unrealized losses. Despite a brief surge in trading yesterday, GOTO’s current share price, at 67, stands more than 80% lower than its initial public offering (IPO) price, reflecting the volatile nature of tech stock investments.
Referencing TLKM’s financial report for the January-September 2025 period, the company’s management stated that as of September 30, 2025, and September 30, 2024, Telkomsel (a subsidiary of TLKM) assessed the fair value of its investment in GOTO at Rp 54 per share and Rp 66 per share, respectively. Furthermore, the total unrealized losses from changes in the fair value of Telkomsel’s investment in GOTO for the nine-month periods ending September 30, 2025, and September 30, 2025 (as stated in the original report), amounted to Rp 380 billion and Rp 474 billion, respectively. TLKM’s management clarifies that these figures are presented as unrealized losses from changes in investment fair value within its consolidated income statement.
What is GOTO’s response?
In an official statement, R. A. Koesoemohadiani, Legal Director and Group Corporate Secretary of GoTo Gojek Tokopedia, affirmed that any steps taken by the company would consistently comply with prevailing laws and regulations. Moreover, GOTO is steadfastly committed to prioritizing the creation of long-term value for its shareholders while safeguarding the best interests of its driver-partners, MSME partners, customers, and all stakeholders who form the backbone of its ecosystem.
Koesoemohadiani further reiterated GOTO’s unwavering commitment to supporting and adhering to government policies and regulations. This commitment aims to foster an efficient, fair, and sustainable industry that genuinely benefits all stakeholders, including driver-partners, MSME entrepreneurs, and consumers across Indonesia, ensuring a balanced and progressive digital economy.
Summary
Rumors indicate PT GoTo Gojek Tokopedia Tbk (GOTO) is considering a merger with Grab, with the National Investment Management Agency (Danantara) expected to facilitate this significant corporate action. Pandu Sjahrir, CIO of Danantara, clarified that while his agency adheres to government guidance, the ultimate decision is a business-to-business (B2B) matter, emphasizing commercial viability and favorable returns. The government is actively preparing regulations for such a merger, engaging both company leaders and Danantara in the process.
Danantara also manages PT Telkom Indonesia Tbk (TLKM), a strategic investor in GOTO since 2020, whose substantial investment currently faces significant unrealized losses due to GOTO’s stock performance. TLKM’s subsidiary, Telkomsel, reported unrealized losses of Rp 380 billion and Rp 474 billion from its GOTO investment for the nine-month periods ending September 30, 2025, and 2024, respectively. GOTO affirmed its commitment to legal compliance, prioritizing long-term shareholder value, and supporting government policies for an efficient and sustainable industry benefiting all stakeholders.
