Heaptalk, Jakarta — Singaporean ride-hailing giant Grab, a key competitor to Gojek, is allegedly negotiating to procure a US$2 billion, or approximately Rp33.2 trillion, credit facility. This financial submission purportedly intends to underwrite Grab’s strategic acquisition ambitions targeting GoTo Group.
Insiders privy to the matter suggest the proposed financing is structured as a bridge loan with a twelve-month maturity. Furthermore, Reuters reported that discussions with potential lenders are still in the early stages, and further details may be subject to change. Grab reportedly considers bond issuance or equity financing to support its strategic moves following the bridge loan. The company has not officially commented on the matter. Meanwhile, Gojek’s parent company has clarified that no agreements exist with any party regarding this potential transaction.
“The Company notes that similar reports have periodically surfaced in previous years, all of which were ultimately based on speculation rather than factual developments,” GoTo’s Secretary, RA Koesoemohadiani, said, cited in Kompas.
Grab’s fundraising plans signal revived acquisition momentum, following a prolonged delay that had stalled one of Southeast Asia’s largest potential tech deals in recent years. Also, Grab’s strategic move coincides with a surge in M&A activity across Asia, fueled by attractive valuations and growing investor appetite. This trend may revitalize regional loan markets, which are projected to recover this year following a three-year downturn.
As is known, the M&A dialogue between these mobility platforms has evolved since February, with Grab reportedly modeling various acquisition structures. A leading proposal involves tendering an offer at Rp100/share—representing a 20% upside to GoTo’s present Rp87 share price. Successful execution would imply an enterprise valuation north of US$7 billion, marking Southeast Asia’s most significant tech consolidation in recent years.
