Singapore – Southeast Asian ride-hailing and food delivery companies Grab and GoTo are reportedly in advanced discussions to merge, according to sources who spoke to Reuters.
According to the report, the move comes as both companies seek to minimise years of losses in a fiercely competitive market.
This marks the latest attempt at a merger between the two rivals, having discussions falling through in the previous years. Despite the history of failed negotiations, investors are reportedly eager to see a deal finalised in 2025. Reuters’ sources say merger talks were revived in December 2024.
The combined market capitalisation of the two companies is estimated to be nearly $25 billion.
However, contradictory to reports, GoTo has denied the discussions about a potential merger in a statement, saying that “there is no agreement between the Company and any party to enter into a merger transaction of the type.”
GoTo’s e-commerce unit, Tokopedia, was acquired by TikTok in 2023, with the latter gaining a 75% controlling stake. As part of the partnership, the social media platform announced a US$1.5b investment into GoTo.
