Terbit Financial Technology filed the report over alleged trademark infringement on October 13, 2021. Gojek and Tokopedia officially announced a merger to form GoTo on May 17, 2021. “In accordance with the applicable laws and regulations to ensure that our clients' businesses can run and continue to earn benefits for millions of people, families, and MSMEs in Indonesia,” he said in a statement, Wednesday, November 10. Juniver said the two unicorns would firmly take legal action against Terbit Financial Technology and any party who has bad intentions against them. PT Terbit Financial Technology filed a police report against GoTo to the Jakarta Metro Police. (Updates with valuation and analyst’s comment from the sixth, Jakarta - Jakarta-based ride-hailing company Gojek and e-commerce platform Tokopedia appointed a well-known lawyer Juniver Girsang as their legal counsel in dealing with the dispute over their merged entity’s brand rights GoTo.
Representatives for Grab declined to comment. Ovo is Indonesia’s largest mobile wallet with a 38% market share in the country, according to the Mobile Payments Report 2021 by Boku Inc.Ī substantial amount of Ovo’s transaction volume has come through Tokopedia though, a potential risk for the future.
“This transaction has been planned for some time and will allow us to continue to focus on further deepening the market-leading strategy of GoPay and the broader GoTo Financial ecosystem,” GoTo said in a statement. Grab said in July Emtek has invested $375 million into Grab Teknologi Indonesia, while Grab has completed an investment into Emtek without disclosing the amount. “Grab may lose some business as Tokopedia switches to GoPay, but likely to gain elsewhere.” PT Elang Mahkota Teknologi, better known as Emtek, is likely to come in to acquire a stake from its strategic partner Grab, he said. “It’s not surprising since Tokopedia needs to sell for regulatory reasons,” said Angus Mackintosh, founder of CrossASEAN Research. Grab is in the process of selling a slice of its Ovo stake to Indonesian investors to comply with the country’s regulations, according to another person with knowledge of the matter. Ovo is valued at about $2 billion, making Grab’s purchase worth between $500 million and $1 billion, according to a person familiar with the matter who asked not to be named discussing a private deal. We’re working in close consultation with the regulators to complete the ownership restructuring process, and are confident this will allow us to better serve the financial services needs of Indonesians” “We welcome a greater commitment from Grab in Ovo.
“We are pleased to complete the first part of a wider exercise to restructure our ownership,” Ovo said in a statement. By buying out Tokopedia and Lippo, Grab can resolve those conflicts and focus on boosting its financial services in the region. Ovo and Gojek’s GoPay had also competed fiercely in the past. The combined GoTo, an internet giant in Indonesia, held a stake in Ovo alongside Grab, as the companies vied for leadership in Southeast Asia. The fate of Ovo has been thrown into question however because the e-commerce platform Tokopedia merged with Gojek, a ride-hailing company that is Grab’s primary competition in the region.
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