GOTO Management Issues Official Statement Following Chromebook Trial
Jakarta — PT GoTo Gojek Tokopedia Tbk (GOTO) has issued an official statement to the public explaining Google’s investment history, corporate governance, and information regarding the shareholding of Gojek founder Nadiem Makarim.
The statement, titled “GoTo’s Growth Story: Our Journey, Investment History, and Corporate Governance,” was published on the company’s official website on Thursday evening (26 February) following GOTO’s representation as a witness in the Chromebook trial at Jakarta Central District Court.
According to the published information, GOTO management explained that the company had recently attracted attention in relation to legal proceedings involving Nadiem Makarim, the company’s founder.
Management affirmed that Nadiem had relinquished all his positions at the company in 2019 upon assuming office as Minister of Education, Culture, Research and Technology of the Republic of Indonesia.
“We are therefore taking this opportunity to provide clarification regarding our journey, from a start-up company to a major technology company,” GOTO management stated.
GOTO also clarified the history of Google’s investment in the company. GOTO explained that as the business grew, various global investors expressed interest in investing in the company to gain exposure to Indonesia’s digital economy. Google was one such investor, making its first investment in the company in 2017.
“Google has continued to participate in several subsequent funding rounds alongside many other global investors. Most of Google’s investments were made before 2019, when Nadiem had not yet been appointed as minister,” GOTO stated.
GOTO management also affirmed that Google’s investments were never made separately or exclusively, and always formed part of funding rounds conducted alongside other investors. Google has never been a majority shareholder or controlling shareholder of the company.
“Like all other investors, Google’s participation in each funding round was conducted professionally and transparently, without preferential treatment and in full compliance with applicable laws and regulations,” GOTO stated.
Share Subscription Agreements were always approved and signed by each investor in every investment round. This aligns with standard operating procedures for companies undertaking fundraising. Investment funds obtained from investors were used solely for business growth and operational requirements.
Regarding share ownership, the company affirmed that it has never repurchased 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, which was one of Tokopedia’s shareholders. A similar process was also conducted with other Tokopedia shareholders.
Second, in October 2021, the company purchased shares of its fintech entity, PT Dompet Karya Anak Bangsa (DKAB), from several investors, including Google. This was undertaken as part of the restructuring necessary ahead of the company’s Initial Public Offering.
“In both transactions, investors decided to reinvest the funds obtained by purchasing new GOTO shares,” GOTO management stated.
The company’s relationship with Google predates the investment, as the company has been a user of Google services since 2015 through purchases of cloud infrastructure services, use of maps services, and digital advertising.
“Google is one of many technology solution providers offering services to us, a common practice among technology companies in Indonesia and worldwide. We pay for these services using company funds, and all transactions are recorded in accordance with Indonesian financial accounting standards,” GOTO stated.
Management also explained that initially PT Gojek Indonesia (GI) was established in 2010 as Gojek’s initial operational entity, with the status of a Domestic Investment Company. At that time, GI’s operations were largely funded through debt financing as it was not yet profitable.
By 2015, the business had evolved beyond the initial call centre operational model into a technology business through the launch of the Gojek application. Consequently, PT Aplikasi Karya Anak Bangsa (AKAB) was established as a Foreign Investment Company entity in the same year. AKAB oversaw the application and technology, whilst GI continued to focus on activities supporting driver partner operations.
In preparation for the 2021 IPO, AKAB needed to obtain full control over GI, which still oversaw some Gojek operations. Therefore, AKAB acquired newly issued shares from GI, rather than purchasing existing shares from current shareholders. At that time, GI had accumulated debt of Rp809 billion to AKAB to finance its operations. GI then used funds from the new share issuance to fully repay this debt.
“No shareholder, including Nadiem, received proceeds from this transaction. The entire transaction occurred only between PT AKAB and PT GI, and was conducted professionally and transparently,” GOTO management emphasised.