Rumors surrounding the potential acquisition of PT GoTo Gojek Tokopedia Tbk (GOTO) by Grab are becoming increasingly prominent. This issue has caught the attention of economists, especially since GOTO is currently the only remaining homegrown unicorn from Indonesia.

“It would be quite disheartening if Grab takes over. The company is named ‘Karya Anak Bangsa,’ which reflects national pride. From the start, this unicorn has been a symbol of our pride,” said Piter Abdullah, Executive Director of Segara Research Institute, speaking to CNBC Indonesia on Friday (May 9, 2025).

For that reason, Piter emphasized the need for the government to become more involved in this corporate move. “If Grab does end up acquiring GOTO, it’s not really good news,” he asserted.

The acquisition deal between GoTo and Grab is reported to be finalized in the second quarter of 2025. Under the reported terms, GoTo would transfer all of its business units to Grab, except for its financial division.

According to Reuters, Grab has already appointed advisors to assist with the acquisition process. However, the finalization of the deal still hinges on securing acquisition funding. It’s been reported that Grab is currently in talks with several banks to arrange the necessary financing.

In response to the circulating news, GOTO issued a clarification through a disclosure on the Indonesia Stock Exchange (IDX). While not providing specific details, GoTo’s management stated that the company frequently receives offers from various parties.

Piter further explained that both Grab and GoTo operate in the same business sectors, making the risk of a monopoly more likely in the future.
“This is a form of consolidation, either through acquisition or merger, that could lead to market dominance and potentially a monopoly,” he explained. He also warned that both business partners and consumers could suffer if monopolistic practices were to take place.