Indonesia’s Danantara Eyes Stake in Potential Grab-GoTo Merger

Danantara Indonesia, the newly launched sovereign wealth fund, is reportedly in early discussions with GoTo Group to acquire a stake in a potential merger with Grab Holdings Ltd., Bloomberg News reported Friday. The talks center around a minority investment in a combined entity, as Grab considers a possible buyout of GoTo, Indonesia’s leading tech firm.

Sources familiar with the matter say Grab aims to finalize a deal in the second quarter, valuing GoTo at approximately $7 billion. While merger talks have progressed regarding deal structure, negotiations have recently slowed due to anticipated regulatory hurdles.

Indonesia’s antitrust agency has already begun assessing the potential risks of a Grab-GoTo consolidation. A major concern for Jakarta is the possibility of Singapore-based Grab gaining control over Indonesia’s largest technology company. A minority stake by Danantara could help ease these national concerns by ensuring continued domestic involvement.

Danantara Indonesia was launched in February 2025 with a mandate to invest in key sectors, including AI, metal processing, and strategic industries. Modeled after Singapore’s Temasek Holdings, the fund is set to manage government stakes in state-owned enterprises while also acting as a major investor in the private sector.

Neither GoTo nor Grab has confirmed the merger plans, and Danantara has yet to comment publicly on the reported negotiations.

The potential deal could reshape Southeast Asia’s tech landscape, merging two ride-hailing and food delivery giants while highlighting Indonesia’s growing focus on safeguarding its digital economy. If successful, the partnership could address both commercial synergies and sovereign interests amid rising regional competition and geopolitical sensitivities.