Grab Eyes $7 Billion GoTo Acquisition, but Fintech and Crypto May Shape Its Real Future
Main Takeaways
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JAKARTA, investortrust.id — GoTo Gojek Tokopedia has confirmed it is reviewing multiple acquisition offers from external parties, though no binding agreements have been reached. “It is the board’s responsibility to evaluate all proposals thoroughly and carefully to maximize long-term shareholder value,” said Corporate Secretary R.A. Koesoemohadiani in a filing with the Indonesia Stock Exchange on Thursday, May 8, 2025.
This statement follows mounting speculation surrounding a potential $7 billion acquisition by Singapore-based Grab Holdings, which is reportedly advancing negotiations to acquire GoTo’s operations in Indonesia and Singapore. According to Reuters, Grab has engaged financial advisers and is in discussions with banks to secure financing for the proposed transaction.
Grab, listed on the Nasdaq, currently has a market capitalization of approximately $20 billion, or Rp 330 trillion. GoTo, by contrast, is valued at Rp 95.81 trillion ($5.8 billion), based on
Wednesday’s closing share price of Rp 84. The rumored deal would exclude GoTo’s financial services division, signaling a deliberate effort by the company to retain what many analysts view as its most valuable strategic assets: its fintech platform GoPay and crypto exchange FLOQ.
Strategic Reshaping Around Financial Services
GoTo has undergone significant structural changes in recent years. Following its $1.5 billion divestment of e-commerce unit Tokopedia to TikTok in 2024, the company has concentrated its efforts on digital finance. The strategy appears to reflect a shift away from low-margin, high-competition segments such as food delivery and ride-hailing—precisely the sectors Grab is looking to dominate.
GoTo Financial, its fintech unit, includes GoPay, GoPayLater, payment gateway Midtrans, point-of-sale networks Moka and GoBiz, and its business solution Selly. More recently, it has expanded into crypto through the acquisition of PT Kripto Maksima Koin (KMK), now rebranded as FLOQ. The move is part of a broader effort to tap into Indonesia’s growing appetite for digital assets.
From left to right: Founder and CEO of Akademi Crypto Timothy Ronald, CEO of GoTo Patrick Sugito Walujo, and former CEO of Tokocrypto Yudhono Rawis. Photo: Instagram/Timothy Ronald
Crypto Bet: FLOQ as GoTo’s Next Growth Engine
Originally acquired for Rp 124.83 billion in 2022, KMK was fully owned by GoTo through its subsidiary PT Dompet Karya Anak Bangsa. By 2024, GoTo’s stake had declined to 67.96%, opening the door to new shareholders including crypto entrepreneur Timothy Ronald and former Tokocrypto CEO Yudhono Rawis. The newly rebranded exchange, FLOQ, soft-launched in early May and is awaiting regulatory approval from Indonesia’s Financial Services Authority (OJK) before its grand debut.
Industry observers say this could be GoTo’s next big bet. “Digital platforms with strong user bases often pivot into high-yield ventures like crypto,” said Ibrahim Assuaibi, a financial analyst, in an interview with Investortrust. “But building trust and achieving scale will be a major challenge, especially with entrenched players like Indodax already enjoying strong brand equity and banking partnerships.”
Governance Shake-Up and Market Signals
The potential acquisition comes amid a leadership reshuffle at GoTo. In early May, the company saw the resignation of Commissioner Garibaldi Thohir and three key directors, including Vice President Director Thomas Husted. Market watchers have interpreted these departures as routine for a publicly listed company, yet their timing has further fueled speculation around a deal.
While rumors about the Grab-GoTo merger have persisted for months, the companies share more than just business synergies—they also share a major backer, SoftBank. Analysts believe this shared investor could play a pivotal role in brokering any final deal.
Analysts: GoTo’s Future May Lie in Finance, Not Transport
A research note by BRI Danareksa Securities described the potential merger of Grab and GoTo’s on-demand services (ODS) as “the best strategic option” in a market increasingly dominated by ShopeeFood. According to Momentum Works, ShopeeFood surpassed GoFood’s GMV in 2024, though GrabFood remained in the lead.
GoTo’s gross transaction value rose 17% in Q1 2025, slightly ahead of Grab’s 16.3%. However, Grab leads in monetization with a take rate of 15.6% across delivery and transport, far above GoTo’s blended ODS take rate of 2.93%.
Even as it considers divesting legacy operations, GoTo is doubling down on fintech. Yet, as Ibrahim noted, “Having millions of registered users doesn’t guarantee activity. Just like the crypto sector—21 million registered accounts may only yield 500,000 truly active users.”