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Grab Seeks $2 Billion Loan for Potential GoTo Acquisition, Merger Talks Ongoing

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Grab, the Singapore-based ride-hailing and food delivery giant, is reportedly in discussions to secure a loan of up to $2 billion to support its potential acquisition of Indonesia’s GoTo. The deal, which could be a bridge loan with a 12-month term, would help facilitate the merger between Grab and GoTo, two major players in the Southeast Asian market.

Loan and Funding Options

According to Bloomberg News, Grab’s loan negotiations are in the early stages, and the company is also exploring additional financing options, including bonds or equity financing, after securing the bridge loan. This move comes as Grab looks to strengthen its position in the region’s competitive ride-hailing and food delivery sectors.

GoTo’s Stance and Uncertainty

GoTo, the parent company of the Indonesian ride-hailing and food delivery platform Gojek, has declined to comment on the reports regarding the potential deal. While merger talks between Grab and GoTo have been ongoing, there has been no official agreement or announcement. Last week, GoTo clarified that it had not entered into any binding agreements concerning a potential transaction, despite media reports indicating that Grab was moving forward with the acquisition.

Competition Concerns

The proposed merger between Grab and GoTo has raised concerns among regulatory authorities, particularly regarding competition in the Southeast Asian market. Both companies are major players in the ride-hailing and food delivery space, and the combination of their services could lead to a dominant position in the market. The Singapore Competition and Consumer Commission (CCCS) has confirmed that it has not received any formal notification from Grab or GoTo regarding the potential merger.

Broader Implications for Southeast Asia’s Market

The potential acquisition of GoTo by Grab is seen as a significant move in the ongoing consolidation within Southeast Asia’s competitive ride-hailing and delivery market. Grab’s backing from Uber has made it a formidable competitor, and the merger with GoTo could further solidify its dominance. However, regulatory hurdles and competition concerns may continue to affect the progression of the deal.

GoTo Achieves First Full-Year Profit, Targets Strong Growth in 2025

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Indonesia’s largest tech conglomerate, PT GoTo Gojek Tokopedia (GoTo), has reported its first-ever full-year underlying profit and forecasted significant growth for 2025. The company, which operates in ride-hailing, food delivery, logistics, and financial services, expects a sharp increase in its core earnings (adjusted EBITDA) next year.

Financial Milestones

  • 2024 underlying profit: 327 billion rupiah (~$20 million), reversing a 3.67 trillion rupiah loss from the previous year.
  • 2025 adjusted EBITDA forecast: 1.4 trillion to 1.6 trillion rupiah (~$85-97 million), signaling a sharp profitability surge.
  • Financial technology segment: Earnings soared 70% in 2024, driven by GoPay’s expanding user base and growing loan book.

CEO’s Outlook

GoTo Group CEO Patrick Walujo attributed the strong performance to rising user numbers and growing demand across its digital services. “We saw a significant increase in our user numbers throughout the year and expect this to continue into 2025,” he stated.

Merger Speculation

Amid industry consolidation rumors, GoTo was linked to a potential merger with Southeast Asian rival Grab. While the company denied any active talks, Walujo signaled openness to deals that enhance shareholder returns in the long term.

Backed by SoftBank Group and Singapore’s GIC, GoTo continues to solidify its position as a dominant player in Southeast Asia’s digital economy, with a strong focus on profitability and expansion in 2025.