Gojek co-CEO Andre Soelistyo is set to head the Indonesian app giant to be created when the transport and delivery provider merges with e-commerce company Tokopedia, according to people familiar with the matter.

Indonesia’s two most valuable startups are set to form a holding company called GoTo, of which Gojek’s shareholders will have 58% and Tokopedia’s owners the rest, said the people, who asked not to be named as the information is private. Patrick Cao, president of Tokopedia, will retain that title at the new entity, they said.

In picking Soelistyo, the merged company that’s targeting a valuation of up to US$40 billion ($54.35 billion) is betting on a former private-equity investor to keep the business growing. Soelistyo, 37, has spearheaded Gojek’s diversification into consumer services and overseen more than US$5 billion of fundraising from investors including Google, Tencent Holdings, Astra International, KKR & Co and Warburg Pincus.

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