Indonesia’s ride-hailing giant, GoTo, has officially stated that it is not in discussions with Grab Holdings regarding a potential merger, countering recent speculations. This clarification came after Bloomberg News reported last week that merger conversations between the two Southeast Asian behemoths had been reinitiated.

In a recent filing, GoTo emphasized its current focus away from such merger talks. This announcement comes at a time when GoTo, despite facing financial losses, reported an uptick in its core earnings for the last quarter of 2023, promising to share more details in March.

Adding to its strategic moves, GoTo highlighted last month’s completion of TikTok’s investment in its e-commerce arm, Tokopedia. Owned by China’s ByteDance, TikTok acquired a significant 75.01% stake in Tokopedia for $840 million, following an agreement reached in December. This deal represents a significant step in GoTo’s business strategy, diversifying its portfolio and strengthening its position in the e-commerce sector amidst the competitive landscape of Southeast Asia’s digital economy.