GoTo (Indonesian company)

PT GoTo Gojek Tokopedia Tbk,[3] trading as GoTo, is an Indonesian holding 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][5]

PT GoTo Gojek Tokopedia Tbk
GoTo
TypePublic (Perseroan terbatas)
IDX: GOTO
IndustryTechnology
Founded17 May 2021 (2021-05-17)
Headquarters
Kebayoran Baru, South Jakarta
,
Indonesia
Key people
Subsidiaries
Websitewww.gotocompany.com

GoTo is the most valuable startup in Indonesia, contributes to about 2% of the country's GDP.[6][7]

Alibaba and SoftBank each own about 9 per cent of GoTo.[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 two companies began a partnership, through which Gojek drivers delivered Tokopedia products. GoTo was founded in May 2021, and it was reported shortly afterward that the combined 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] In May 2021, GoTo's financial services arm, GoTo Financial, was also created at the same time as the merger.[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. Kevin Aluwi is the company's CEO, and he has said it was "founded on the realization that we could better utilize the informal sector to reduce life’s daily frictions for people in Indonesia".[17]

Tokopedia

Tokopedia is one of Indonesia's most popular online shopping portals and, it has been reported, its ‘most valuable tech business after Gojek itself’. William Tanuwijaya is the company's CEO.[18]

GoTo Financial

GoTo Financial covers services such as GoPay, GoSure, GoInvestasi, GoPayLater, Midtrans and Moka. Andre Soelistyo is the GoTo Financial's CEO, as well as the CEO of GoTo.[19]

References
  1. "Akhirnya Resmi Merger, Gojek dan Tokopedia Jadi GoTo". ItWorks. 17 May 2021. Retrieved 2 November 2021.
  2. Bray, Chad (17 May 2021). "Gojek, Tokopedia to merge in Indonesia's biggest ever deal at US$18 billion". SCMP. Retrieved 20 January 2021.
  3. Sarifah, Siti. "Induk Gojek Berubah Nama, Bukan Lagi PT Aplikasi Karya Anak Bangsa". uzone.id (in Indonesian). Retrieved 4 December 2021.
  4. 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. Lee, Yoolim (11 November 2021). "GoTo—formed by Indonesia's tech giants Gojek and Tokopedia—raise $1.3 billion ahead of IPO". Fortune.
  6. "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.
  7. Gilchrist, Karen (9 June 2021). "How these millennial tech founders pulled off Indonesia's biggest-ever business deal". CNBC. Retrieved 2 November 2021.
  8. "GoTo shares hit new low after lock-up period expires". South China Morning Post. 1 December 2022. Retrieved 21 February 2023.
  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. Lee, Yoolim (1 December 2021). "Andre Soelistyo, Indonesia's Megamerger Victor". Bloomberg.
  19. Yap, Tung Yong (3 June 2021). "The Alibaba of SEA? How GoTo Is Shaking Up Fintech in the Region". Fintech News Singapore.
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