Grab and GoTo Negotiate "Golden Share" with Indonesia's Sovereign Wealth Fund for Potential $29B Merger

As of November 12th, 2025, ride-hailing companies Grab and GoTo are in discussions to offer Indonesia's sovereign wealth fund Danantara a "golden share" in their potential $29 billion merger. The talks include a proposal to give Danantara, which was launched this year and represents government interests, a minority stake in the combined entity with special rights over the Indonesian operations.

These special rights would grant Danantara a say over issues such as driver pay, reflecting the political sensitivities surrounding the gig economy in Indonesia. The merged company would control 90% of the country's ride-hailing and food delivery market, creating an undisputed leader in Southeast Asia's largest economy.

The drivers employed by these platforms are an integral part of Indonesia's economy, with GoTo alone having 3.1 million drivers for cars, motorbikes, and deliveries. Amid a difficult job market and economic slowdown, many Indonesians have turned to gig work to earn a living, giving them significant clout as demonstrated by recent protests.

The Indonesian government, which is not an investor in either company, has been involved in the merger discussions, with officials stating that the deal is being considered due to the platforms' role in creating jobs. However, given the stalled merger talks in the past, the possibility of failure or delay remains significant.