GOTO Discloses Google Investment Trail and Status of Nadiem Makarim
Jakarta — PT Goto Gojek Tokopedia Tbk (GOTO) has issued an official statement regarding Google’s investment history, corporate governance, and information relating to Gojek founder Nadiem Makarim.
The GOTO management released the statement following a company representative’s appearance as a witness in a Chromebook case hearing at the Central Jakarta District Court.
Management stated that Nadiem relinquished all positions at the company in 2019 after serving as Minister of Education, Culture, Research and Technology.
“Therefore, we are seizing this opportunity to provide an explanation regarding our journey, from a startup company to a major technology company,” GOTO management wrote on its official website.
Management explained that Google’s initial investment in the company occurred in 2017. This capital investment was made in line with business growth and opportunities for exposure to Indonesia’s digital economy.
Google continued to participate in several subsequent funding rounds alongside numerous other global investors. The majority of Google’s investments were made before 2019, when Nadiem had not yet been appointed as minister.
GOTO management also emphasised that Google’s investments were never conducted separately or exclusively, and always formed part of funding rounds alongside other investors. Google never held majority or controlling shareholder positions in the company.
Share Subscription Agreements were always approved and signed by each investor in every investment transaction. This aligns with standard operating procedures for companies conducting fundraising activities.
GOTO also addressed share ownership, emphasising that the company never repurchased its own shares from Google. However, there were two transactions in which the company purchased shares of other companies from Google.
First, in May 2021, when Gojek and Tokopedia merged to form GOTO, the company purchased Tokopedia shares from Google, who was one of Tokopedia’s shareholders. A similar process was undertaken with other Tokopedia shareholders.
Second, in October 2021, the company purchased shares of fintech entity PT Dompet Karya Anak Bangsa (DKAB) from several investors, including Google. This was conducted as part of restructuring required ahead of the company’s Initial Public Offering (IPO).
“In both transactions, investors decided to reinvest the funds obtained by purchasing new GOTO shares,” management wrote.
Additionally, the company’s relationship with Google was established prior to investment, as the company had been a user of Google services since 2015 through the purchase of cloud computing infrastructure services, map services, and digital advertising.