Indonesia’s sovereign investment management agency Daya Anagata Nusantara (BPI Danantara) is reportedly exploring a minority investment in PT GoTo Gojek-Tokopedia (GOTO) following the company’s planned merger with Malaysian ride-hailing giant Grab.

This move is believed to be aimed at addressing government concerns over a potential market monopoly arising from the union of two of Southeast Asia’s largest digital transportation firms.

However, not everyone is convinced the investment will promote fair competition. Nailul Huda, Director of Digital Economy at the Center of Economic and Law Studies (Celios), warned that Danantara’s involvement could further harm market dynamics instead of improving them.

"The merger plan between GoTo and Grab alone is already raising competition concerns, and Danantara’s entry as an “operator” only adds to the worry. A state institution acting as both a regulator and a minority operator risks distorting market competition,” Huda said as quoted by detikcom on Sunday, June 8, 2025.

He expressed further concern that this kind of government-linked investment could discourage both existing competitors and new players from entering the market, out of fear they would be going up against a government-backed entity. Huda also questioned the investment’s alignment with regulations set by the Indonesian Business Competition Commission (KPPU).

“I’m also questioning Danantara’s motivation to invest in GoTo just as it’s merging with Grab. Is this a strategy to sidestep potential scrutiny from KPPU?” he cited.

Citing a report from Bloomberg, Danantara is said to be in the early stages of talks to acquire a minority stake in the newly merged entity.

Earlier, Reuters reported that Grab is aiming to finalize the merger deal by the second quarter of 2025, with GoTo’s valuation estimated at up to US$7 billion (Rp114 trillion).

However, Danantara or GoTo. Grab Indonesia, declined to provide a statement.

“We do not comment on this matter,” a representative from Grab Indonesia said on Saturday, June 7, 2025.