Why Does Telkomsel Accelerate Investment for Gojek?

Summary

PT Telekomunikasi Selular or Telkomsel will immediately increase its investment worth of US$300 million in Gojek. Telkomsel President Director Setyanto Hantoro said this step is a follow-up to the US$150 investment in Gojek in November 2020. "Telkomsel has an option to invest up to US$450 million in Gojek within one year from the first investment," he said as quoted by Reuters on April 23, 2021.

This investment plan comes up ahead of the merger between Gojek and Tokopedia, which is planned to be announced in May 2021. The company resulting from this merger will be called GoTo, having an estimated valuation of US$18 billion. After the US$450 million funding is injected, Telkomsel would become one of the eight largest investors in GoTo along with Google Alphabet, Alibaba, and Softbank.

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