Flooring Guide by Cinvex – JAKARTA — As rumors of a potential merger between PT GoTo Gojek Tokopedia Tbk. (GOTO) and Grab circulate, attention is once again drawn to the intricate financial landscape surrounding these tech giants. A pivotal question arises: what is the current state of PT Telkom Indonesia (Persero) Tbk.’s (TLKM) significant investment in GOTO amidst these developments?
Delving into TLKM’s financial report for the third quarter of 2025, it is revealed that Telkomsel, its subsidiary, assessed the fair value of its investment in GOTO at Rp54 per share as of September 30, 2025. This marks a notable adjustment from the Rp66 per share valuation recorded on September 30, 2024.
The report further elaborates on the financial impact, stating, “The total unrealized loss from changes in the fair value of Telkomsel’s investment in GOTO for the nine-month periods ending September 30, 2025, and 2024, amounted to Rp380 billion and Rp474 billion, respectively.” TLKM management clarified that these figures are presented as unrealized losses arising from fair value changes in investments within their consolidated income statement.
It is crucial to highlight that these reported investment losses by TLKM are recorded on a quarter-to-quarter basis. This means the figures do not encompass the cumulative investment losses since TLKM initially committed capital to GOTO, offering a snapshot rather than a comprehensive long-term picture.
According to Bisnis’ records, TLKM first embarked on its investment journey with GOTO, specifically with PT Aplikasi Karya Anak Bangsa, known as Gojek, in 2020. This initial commitment on November 16, 2020, took the form of an interest-free convertible bond totaling US$150 million, which was equivalent to Rp2.1 trillion by December 31, 2020.
A significant corporate transformation occurred on May 17, 2021, when Gojek and PT Tokopedia formally merged to create GOTO. This strategic consolidation prompted Telkomsel to execute its convertible bond (CB) in accordance with the CB agreement, thereby converting its holdings into shares of the newly formed entity.
The following day, on May 18, 2021, Telkomsel solidified its position by signing a share purchase agreement. This deal secured 29,708 conversion shares, valued at Rp2.11 trillion, along with an additional 59,417 shares obtained through a share purchase option, amounting to US$300 million or approximately Rp4.29 trillion.
GOTO subsequently underwent a stock split on October 19, 2021, which dramatically altered Telkomsel’s ownership from 89,125 shares to an impressive 23.72 billion shares. By December 31, 2021, Telkomsel assessed the fair value of its GOTO investment post-stock split at Rp375 per share, a valuation that ultimately led TLKM to record an unrealized gain of Rp2.49 trillion from Telkomsel’s fair value equity participation in GOTO by year-end.
However, the financial narrative shifted notably after GOTO became a public company on April 11, 2022. Following its initial public offering (IPO), Telkomsel re-evaluated the fair value of its GOTO investment, adopting a market-based valuation of Rp91 per share. This substantial decrease in share value unfortunately resulted in Telkomsel reporting a significant unrealized loss of Rp6.74 trillion from changes in the fair value of its GOTO investment during 2022.
Summary
Rumors of a potential merger between GoTo (GOTO) and Grab have brought renewed attention to PT Telkom Indonesia’s (TLKM) investment in GOTO. As of September 30, 2025, Telkomsel, a TLKM subsidiary, valued its GOTO shares at Rp54, a decrease from Rp66 per share recorded a year prior. This adjustment resulted in an unrealized loss of Rp380 billion from fair value changes for the nine months ending September 30, 2025, reflecting quarter-to-quarter fluctuations.
Telkomsel’s investment journey began with Gojek in November 2020 through a US$150 million convertible bond. After Gojek merged with Tokopedia to form GOTO in May 2021, Telkomsel converted its bond into shares and acquired additional equity. While an initial unrealized gain of Rp2.49 trillion was reported by December 2021, GOTO’s IPO in April 2022 led to a market-based re-valuation at Rp91 per share, resulting in a significant unrealized loss of Rp6.74 trillion in 2022.