It looks like Southeast Asia's ride-hailing and delivery giants might finally be getting closer to a merger—or at least, the conversation is heating up again. According to sources familiar with the situation, Grab Holdings Ltd has begun due diligence on Indonesian tech rival GoTo Group, signaling that the Singapore-based company is seriously considering an acquisition.

Getting Down to the Details

Insiders say Grab is now digging into GoTo's financials, contracts, and overall operations. That's a key part of the due diligence process—something you'd expect when a company is weighing a major acquisition. Alongside this, both companies and their shareholders are evaluating what the deal could look like in terms of structure and value.

But it's worth noting: as of now, no deal has been signed, and the outcome remains uncertain. These kinds of high-stakes talks can fall apart, especially when regulators, shareholders, and market dynamics are all involved.

A History of "Will They, Won't They?"

This isn't the first time Grab and GoTo have flirted with the idea of joining forces. Discussions between the two have been on and off for years, but antitrust concerns have always loomed large. After all, these are two of the most dominant players in Southeast Asia's on-demand services market.

If they were to merge, the resulting powerhouse would control an estimated 60–70% market share—and that's enough to make any competition watchdog nervous.

What Could the Deal Look Like?

Bloomberg previously reported that Grab is looking at a valuation north of US$7 billion (RM31.1 billion) for GoTo. One possible route being discussed is an all-stock acquisition, priced at over 100 rupiah per share.

By contrast, GoTo shares were trading at around 76 rupiah in Jakarta as of Tuesday afternoon. Despite recent gains—more than 8% this year—the company's market value currently sits at roughly 90 trillion rupiah.

GoTo, backed by major investors like SoftBank Group, has managed to hold steady despite an economic slowdown in the region.

What's at Stake?

If a deal does move forward, it would mark a major shift in Southeast Asia's tech landscape. But there are plenty of regulatory and operational hurdles to clear.

A combined Grab-GoTo entity could trigger intense scrutiny from regulators worried about monopolistic behavior. There's also the very real possibility of job cuts, as overlapping roles across operations, customer service, and tech teams could be streamlined post-merger.

As Bloomberg Economics points out, the merger might bring efficiency, but it comes with the risk of workforce retrenchment and backlash from regulators.

Slowing Growth, Rising Pressure

Both Grab and GoTo once rode the wave of booming demand and rapid expansion. But those days are slowing. With inflation and interest rates still high across Southeast Asia, consumer spending has tightened, and growth for both companies has dropped from triple-digit highs to far more modest levels.

This economic reality may be pushing both sides to reconsider a deal in 2025, which sources close to the talks describe as a strategic window for consolidation.

Final Thoughts: A Merger or Just Another Chapter?

Whether this deal will actually happen is still up in the air. What's clear, though, is that the pressure is mounting. Both companies are operating in a tough market and may see joining forces as their best shot at staying competitive.

But with regulators watching closely and market conditions still unpredictable, Grab and GoTo have a lot to weigh before they take the leap.