Southeast Asia’s ride-hailing giant Grab and Gojek are on the brink of a potential merger and investors of both parties are urging the startups to merge, media reports said. Grab’s founder and chief executive, Anthony Tan reportedly emailed his employees to say that Grab was in a position to acquire.
Anthony Tan said in the email, “There is speculation again about a Gojek deal. Our business momentum is good, and as with any market consolidation rumours, we are the ones in a position to acquire.”
Both companies, which compete with each other in various sectors, have been waging a price war against each other since last year when it comes to ride-hailing and food delivery sectors. A potential merger deal between Grab and Gojek will be the biggest tech merger in Southeast Asia. Grab, which is based in Singapore, is valued at $15 billion. Whereas, Indonesia-based Gojek is valued at $10 billion.
Speculations about a potential merger began earlier this year. Back in March, it was reported that Gojek wanted a 50 percent stake in the merged entity; however, Grab wanted to hold a controlling stake. During the period, Grab President Ming Maa and Gojek chief executive Andre Soelistyo held a meeting with regard to the potential merger.
However, responding to a media inquiry, a Gojek spokesperson said there are no such plans as of yet and the recent media reports regarding discussions of a potential merger with Grab are not accurate. During the same period, it was also reported that the Indonesian Consumer Foundation has revealed its disapproval when it comes to the potential merger between Southeast Asian ride-hailing giants.