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Start-up and fintech businesses have expanded to Asia Pacific.
Even Netflix has published a Korean drama series entitled "Start Up" starring well-known Korean actors and actresses. Moreover, the situation in the pandemic era has changed our routines, such as how we work, shop, study, and eat, shifted to online. Therefore, online-based businesses very profitable.
In Indonesia, two start-up companies are categorized as “unicorn” and have more assets compared to other similar companies. The two start-ups are Gojek and Tokopedia, which are reportedly going to merge this year.
The resulting from the merger between Gojek and Tokopedia will be given the name "GoTo" and will be led by Gojek's Co-CEO, Andre Soelistyo. In terms of share ownership, Gojek will own 58% while the remaining 42% will be owned by Tokopedia. GoTo has a valuation target of USD 40 billion (around Rp 72 trillion) during its Initial Public Offering (IPO) on the stock exchange. GoTo will have three business units, namely ride-hailing under the auspices of Gojek, e-commerce under the auspices of Tokopedia, and financial services, namely Dompet Karya Anak Bangsa (DKAB). Each company structure will be coordinated by each parent company. The CEO of Tokopedia, William Tanuwijaya, will lead the GoTo e-commerce business line, Co-CEO Gojek, Kevin Aluwi, will lead the GoTo ride-hailing business line, and the DKAB financial business line will be handled directly by Andre Soelistyo as GoTo's CEO.
If the two companies merge into GoTo and join the stock exchange with a valuation target of USD40 billion, then GoTo will be included in the big cap stocks category on the JCI and will not provide positive sentiment for other big cap stocks. Therefore, investors can take advantage of the momentum when the JCI was corrected to buy equity funds that have exposure to large cap stocks on the JCI.
