GoTo (company)

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PT GoTo Gojek Tokopedia Tbk
GoTo
TypePublic
IDX: GOTO
IndustryInformation technology
Founded17 May 2021
Headquarters
Kebayoran Baru, South Jakarta
,
Indonesia
Key people
Products
Websitewww.gotocompany.com

PT GoTo Gojek Tokopedia Tbk,[3] trading as GoTo, is an Indonesian holding company. The company formed in 2021 through 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]

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

History[]

Gojek was founded in Indonesia in 2010 as a call center to arrange courier deliveries, while Tokopedia was founded in Indonesia in 2009 as an e-commerce platform.[8][9] In 2015, the two companies became partners, through which Gojek drivers delivered Tokopedia products. GoTo was founded in May 2021 and it was reported shortly afterwords that the merged 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. [10] GoTo’s financial services arm, GoTo Financial, was also created at the same time as the merger. [11]

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.[12]

In March 2022, GoTo announced that it will list on the Indonesia Stock Exchange the following month. The company plans to issue 52 million shares, and expects to raise at least US$1.1 billion from the IPO.[13]

Products[]

GoTo comprises three business arms: Gojek, GoTo Financial and Tokopedia. [14]

Gojek[]

Gojek is an on-demand multi-service 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".[15]

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. [16]

GoTo Financial[]

GoTo Financial covers services such as GoPay, GoSure, GoInvestasti, GoPayLater, Midtrans and Moka. Andre Soelistyo is the GoTo Financial's CEO, as well as the CEO of GoTo.[17]

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. ^ "Gojek to Merge With Tokopedia to Create Indonesia Tech Giant". Bloomberg.com. 17 May 2021. Retrieved 2 November 2021.
  9. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2 November 2021.
  10. ^ Lim, Jamilah (15 June 2021). "It's official – Tokopedia Gojek merger heralds the arrival of SEA's digital services giant". Techwire Asia.
  11. ^ Roy Choudhury, Saheli (17 May 2021). "Indonesia's internet start-ups Gojek and Tokopedia announce merger". CNBC.
  12. ^ Dahrul, Fathiya (17 December 2021). "Tech Giant GoTo Said to Hire Banks for $1 Billion Indonesian IPO". Bloomberg.
  13. ^ "GoTo to list on Indonesian Stock Exchange in April". KrASIA. 15 March 2022. Retrieved 19 March 2022.
  14. ^ Gilchrist, Karen (8 June 2021). "How these millennial tech founders pulled off Indonesia's biggest-ever business deal". CNBC.
  15. ^ Cheema, Sukhbir (27 July 2021). "Gojek and Tokopedia merge to form GoTo. What does this mean to you?". Mashable.
  16. ^ Lee, Yoolim (1 December 2021). "Andre Soelistyo, Indonesia's Megamerger Victor". Bloomberg.
  17. ^ 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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