According to reports, in response to merger rumors, GoTo stated in a document submitted recently: "The company would also like to emphasize that the company is not currently having any discussions on such matters."

Relevant media have reported that Grab and GoTo have restarted potential merger talks to curb the losses caused by fierce competition with each other.

"The company would like to emphasize that the company's fundamentals and financial position are increasingly strong," GoTo said.

The company added that it had achieved its "aggressive fourth-quarter 2023 Adjusted EBITDA guidance while exceeding the high end of its full-year Adjusted EBITDA guidance range."

The company is set to release fourth-quarter and full-year 2023 results in March.

GoTo Group was established in May 2021 from the merger of two of Indonesia’s largest startups, Gojek and Tokopedia.