PT GoTo Gojek Tokopedia Tbk
GoTo
Company typePublic (Perseroan terbatas)
IDX: GOTO
IndustryTechnology
Founded17 May 2021; 2 years ago (2021-05-17)
Headquarters
Kebayoran Baru, South Jakarta
,
Indonesia
Key people
Subsidiaries
Websitegotocompany.com

PT GoTo Gojek Tokopedia Tbk,[5] trading as GoTo, is an Indonesian technology company. The company was formed in 2021 in a merger — the largest in the country at that time between Indonesia's two most valuable startups, ride-hailing giant Gojek and e-commerce firm Tokopedia.[4][6]

GoTo is the most valuable startup in Indonesia and contributes to about 2% of the country's GDP.[7][8]

History

Gojek was founded in Indonesia in 2010 as a call center to arrange transportation and courier deliveries, while Tokopedia was founded in Indonesia in 2009 as an e-commerce platform.[9][10] In 2015, the organizations partnered to work on a same-day delivery service. The partnership gave Tokopedia access to Gojek's driver and courier services network during off-peak hours.[8]

GoTo was founded in May 2021 and reported shortly afterwards that the newly formed entity had 100 million monthly active users, more than 11 million merchants, and over 2 million drivers and offered e-commerce, ride-hailing, food delivery and financial services among other offerings.[11] Around the time of the merger, GoTo set up its financial services arm, GoTo Financial.[12]

In December 2021, it was reported that GoTo had hired banks to help it raise around US$1 billion from an initial public offering (IPO) in Indonesia.[13]

In March 2022, GoTo announced that it would list on the Indonesia Stock Exchange the following month, expecting to issue 52 million shares, and raise at least US$1.1 billion from the IPO.[14]

On 11 April 2022, GoTo listed on the Indonesia Stock Exchange with a $1.1 billion IPO at a price of 338 IDR per share, climbing more than 15% to 388 IDR in the first day of trading.[15]

Products

GoTo comprises three business arms: Gojek, Tokopedia, and GoTo Financial.[16]

Gojek

Gojek is an on-demand multiservice platform that books drivers for transportation or for other services such as grocery deliveries.[17] Kevin Aluwi stood down as CEO in 2022.[1] Catherine Sutjahyo is president of GoTo's on-demand services division.[18]

Tokopedia

Tokopedia is one of Indonesia's most popular online shopping portals, it has been reported as the most valuable tech business after Gojek itself.[19][2] William Tanuwijaya was Tokopedia's CEO until February 2023 when he stepped down from the role. Melissa Siska Juminto is currently the President of GoTo's e-commerce division.[18]

GoTo Financial

GoTo Financial covers services such as GoPay, GoSure, GoInvestasi, GoPayLater, Midtrans and Moka.[2] Hans Patuwo is currently the President of GoTo's Financial Technology division. [18]

References

  1. ^ a b Potkin, Fanny (14 June 2023). "New GoTo CEO Walujo may not stay in top job long". Reuters. Retrieved 2 November 2023.
  2. ^ a b c SHIBATA, NANA (8 June 2023). "GoTo nominates Patrick Walujo as new CEO amid profit push". Nikkei Business Publications.
  3. ^ "GoTo announces new leadership structure". ET HR World. 9 February 2023. Retrieved 2 November 2023.
  4. ^ a b Bray, Chad (17 May 2021). "Gojek, Tokopedia to merge in Indonesia's biggest ever deal at US$18 billion". SCMP. Retrieved 20 January 2021.
  5. ^ Sarifah, Siti. "Induk Gojek Berubah Nama, Bukan Lagi PT Aplikasi Karya Anak Bangsa". uzone.id (in Indonesian). Retrieved 4 December 2021.
  6. ^ Lee, Yoolim (11 November 2021). "GoTo—formed by Indonesia's tech giants Gojek and Tokopedia—raise $1.3 billion ahead of IPO". Fortune.
  7. ^ "Indonesia's Most Valuable Startup Is in Talks to Raise Up to $2 Billion Ahead of IPO". Bloomberg.com. 26 July 2021. Retrieved 2 November 2021.
  8. ^ a b Gilchrist, Karen (9 June 2021). "How these millennial tech founders pulled off Indonesia's biggest-ever business deal". CNBC. Retrieved 2 November 2021.
  9. ^ "Gojek to Merge With Tokopedia to Create Indonesia Tech Giant". Bloomberg.com. 17 May 2021. Retrieved 2 November 2021.
  10. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2 November 2021.
  11. ^ Lim, Jamilah (15 June 2021). "It's official – Tokopedia Gojek merger heralds the arrival of SEA's digital services giant". Techwire Asia.
  12. ^ Roy Choudhury, Saheli (17 May 2021). "Indonesia's internet start-ups Gojek and Tokopedia announce merger". CNBC.
  13. ^ Dahrul, Fathiya (17 December 2021). "Tech Giant GoTo Said to Hire Banks for $1 Billion Indonesian IPO". Bloomberg.
  14. ^ "GoTo to list on Indonesian Stock Exchange in April". KrASIA. 15 March 2022. Retrieved 19 March 2022.
  15. ^ "GoTo Shares Jump After Raising $1.1 Billion in One of 2022's Biggest IPOs". Yahoo. 11 April 2022. Retrieved 11 April 2022.
  16. ^ Gilchrist, Karen (8 June 2021). "How these millennial tech founders pulled off Indonesia's biggest-ever business deal". CNBC.
  17. ^ Cheema, Sukhbir (27 July 2021). "Gojek and Tokopedia merge to form GoTo. What does this mean to you?". Mashable.
  18. ^ a b c Lee, Yoolim; Harsono, Norman; Dahrul, Fathiya (8 February 2023). "Indonesia's GoTo Extends Stock Slump After Shaking Up Top Ranks". Bloomberg. Retrieved 2 November 2023.
  19. ^ Lee, Yoolim (1 December 2021). "Andre Soelistyo, Indonesia's Megamerger Victor". Bloomberg.
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