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Grab has reportedly indicated a pause or potential halt in its merger talks with GoTo amid regulatory concerns and political backlash in Indonesia over concerns about competition and consumer impact.
Ride-hailing, food delivery, and digital payment services provider, Grab Holdings (GRAB), reportedly stated that it is not currently pursuing a merger with Indonesia’s GoTo Group.
Grab’s latest stance, according to a Bloomberg report, has paused speculation around a potential $7 billion deal that would have reshaped Southeast Asia’s tech landscape.
The Singapore-based ride-hailing and delivery platform emphasized that no formal negotiations or binding agreements are underway, cooling previous reports of an imminent tie-up between the two regional giants.
Earlier, discussions had reportedly stalled due to regulatory uncertainties, the report noted.
The potential merger had raised red flags with Indonesia’s antitrust authorities, which voiced concerns about market concentration and urged the companies to maintain a competitive environment.
The proposed combination of two dominant players in ride-hailing and food delivery has drawn political scrutiny, particularly over concerns about job losses and rising service costs in Indonesia’s already strained economy.
Talks between Grab and GoTo have been ongoing for years, but they have consistently run into friction, mainly due to antitrust implications and concerns about national interest.
Grab went public in 2020 through a special purpose acquisition company (SPAC) deal and currently holds a market valuation of about $21 billion.
Grab, supported by Uber Technologies Inc. (UBER), and GoTo, which counts SoftBank Group Corp. among its backers, have each taken steps toward achieving profitability since going public.
However, intense rivalry for market share has limited pricing power and pressured profit margins.
GoTo exited markets such as Thailand and Vietnam as part of an aggressive effort to reduce expenses, yet it continues to hold significant influence in Indonesia, Southeast Asia’s largest economy.
A takeover would have boosted Grab’s foothold in the nation, which is home to over 275 million people, said the report.
For the first quarter, Grab recorded an improvement in its earnings, with a profit of $10 million, primarily due to a reduction in operating loss and higher net finance income.
On Stocktwits, retail sentiment around Grab remained in ‘bullish’ territory.
GRAB’s Sentiment Meter and Message Volume as of 08:30 a.m. ET on June 9, 2025 | Source: Stocktwits
Grab stock has gained over 9% in 2025 and 42% in the past 12 months.
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