SINGAPORE (AP) — Indonesian ride hailing company Gojek and the country’s biggest e-commerce firm Tokopedia said Monday that they are merging to form the GoTo Group, adding to surging competition in Southeast Asia that is attracting billions of dollars from investors. The new company, called GoTo Group, will provide services from ride-hailing and financial services to e-commerce. GoTo is backed by investors including Alibaba Group, BackRock, Tencent and Temasek Holdings. The merger comes a month after Gojek’s largest rival, Grab Holdings, said it would list in the U.S. via a merger with a special public acquisition company (SPAC) that valued the company at $40 billion. Gojek co-CEO Andre Soelistyo will lead the new company.
