The Briefing: Gojek, Tokopedia Eye $18B Merger, Haven Shuts Down, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Gojek, Tokopedia in talks for $18B merger

Indonesia-based ride-hailing giant Gojek is in advanced discussions about merging with leading local e-commerce company Tokopedia, ahead of a planned initial public offering of the combined entity, according to a Bloomberg report citing people with knowledge of the matter.

The combination would create an entity with a likely valuation of around $18 billion, with businesses ranging from ride-hailing to payments to online shopping to delivery.

Founded in 2010, Jakarta-based Gojek has raised $5 billion in venture and growth funding to date, per Crunchbase data. Tokopedia, also based in Jakarta, has raised $2.8 billion since its inception in 2009.

Affirm Sets IPO Price Range, Seeks To Raise Up to $934.8M

The journey to the public markets is on again for Affirm, which said Tuesday it aims to raise up to $934.8 million in an IPO. [Read more]

P&G abandons plan to acquire Billie

Procter & Gamble and Billie, a subscription service for shaving and body-care products for women, said Tuesday in a joint statement that they will terminate their planned merger agreement, Reuters reported.

“We were disappointed by the [U.S. Federal Trade Commission]’s decision and maintain there was exciting potential in combining Billie with P&G to better serve more consumers around the world,” the companies said in the joint statement.

The P&G deal for Billie was announced in January 2020. The startup, founded in 2017, has raised $35 million in venture capital, most recently a $25 million Series A raise led by Goldman Sachs Private Capital Investing group, according to Crunchbase data.

The news follows a complaint filed in December by the FTC, which was trying to stop the merger. Billie made headlines for its efforts to eliminate the “pink tax” on goods marketed to women.

The FTC put out a statement Tuesday saying, “Procter & Gamble’s abandonment of the acquisition of Billie is good news for consumers who value low prices, quality, and innovation. Billie is a direct-to-consumer company whose advertising targets customers who are tired of paying more for comparable razors. The FTC voted to challenge this merger because it would have eliminated dynamic competition from Billie.”

Other news

Health care venture Haven to shut down: Haven, a 3-year-old venture backed by Amazon, Berkshire Hathaway and JPMorgan with the aim of disrupting health care, is reportedly disbanding.

M&A

Twitter acquires podcaster Breaker:  Twitter is acquiring podcasting app Breaker for an undisclosed sum. The San Francisco startup also said it will be shutting down its Breaker app on Friday, to “focus on building what comes next.”

Funding news

• Tsū raises $10M for social media platform: Tsū, headquartered in Norwalk, Connecticut, is developing an app that shares revenue with its users and announced more than $10 million dollars in venture capital led by TerraCap Ventures. The new investment gives Tsū a $100 million valuation cap, according to the company. In addition, Greg Fell has been named as its new CEO.
• Kyte lands $9M to advance doorstep car delivery: Kyte, headquartered in San Francisco, said in a blog post it raised $9 million in venture capital funding, led by DN Capital and Amplo VC, to advance its platform to deliver rental cars to consumers’ doorsteps.

Illustration: Dom Guzman