GoTo's Journey from Call Centre Start-Up to Indonesia's Digital Ecosystem Giant
The success of a start-up company often begins with a simple idea that solves everyday problems. However, developing that idea to serve millions of users requires more than just technology. Public trust, capital, and sound corporate governance form the foundation of long-term growth.
This was the journey undertaken by Gojek, which has now transformed into GoTo. Founded in 2010 as a call centre service, Gojek developed into a technology platform that generates economic impact for customers, driver partners, and business operators across Indonesia. Over time, Gojek became not only an online transportation service but also a socio-economic movement driven by a mission to create better lives for the broader public.
Recently, GoTo has come under scrutiny due to legal proceedings involving Nadiem Makarim, the founder of Gojek. The company emphasised that Nadiem relinquished all his positions at the company since 2019 when he was appointed as Minister of Education, Culture, Research and Technology of the Republic of Indonesia. Since then, Nadiem has held no role in GoTo’s business decision-making. His voting rights over his shares have been delegated to other co-founders to separate his private interests from his public responsibilities.
Entry of Global Investors
GoTo’s business growth attracted global investors seeking exposure to Indonesia’s digital economy. One such investor was Google, which first invested in 2017 and participated in several subsequent funding rounds alongside other international investors.
The majority of Google’s investments were made before 2019, before Nadiem became minister. GoTo confirmed that Google was never a majority shareholder or controlling shareholder. All investments were conducted professionally, transparently, and in accordance with applicable laws and regulations. Each funding round was accompanied by a Shares Subscription Agreement signed by all investors. The funds obtained were used entirely for business development and operational needs.
Regarding share ownership, GoTo stated it never conducted share buybacks from Google. However, there were two transactions involving the purchase of shares in other companies from Google.
First, in May 2021, when Tokopedia merged with Gojek to form GoTo, GoTo purchased Tokopedia shares held by Google, as it did with other Tokopedia shareholders.
Second, in October 2021, GoTo purchased shares in fintech entity PT Dompet Karya Anak Bangsa (DKAB) from various investors, including Google, as part of restructuring ahead of the initial public offering (IPO). In both transactions, investors subsequently reinvested the funds received by purchasing new GoTo shares.
GoTo’s relationship with Google has existed since 2015 through the use of cloud services, digital maps, and advertising. Google is one of many technology solution providers used by the company. All transactions are recorded in accordance with Indonesian financial accounting standards and paid using company funds.
Company Structure and IPO Preparation
PT Gojek Indonesia (PT GI) was established in 2010 as the initial operational entity. In 2015, as app-based business operations expanded, PT Aplikasi Karya Anak Bangsa (PT AKAB) was established as a technology entity in the form of a foreign direct investment company (PMA).
Ahead of the 2021 IPO, PT AKAB gained full control of PT GI through the issuance of new shares, not the purchase of existing shares. These funds were used by PT GI to settle its debt of Rp809 billion to PT AKAB. No shareholders, including Nadiem, received proceeds from this transaction.
In November 2021, PT AKAB officially changed its name to PT GoTo Gojek Tokopedia. After the IPO, the company’s status changed from a foreign investment company to a domestic investment company (PMDN) in accordance with applicable regulations.
GoTo’s management confirmed that all processes of company growth were conducted with principles of transparency and strong corporate governance. The company’s financial statements are audited by an independent public accounting firm and are accessible to the public.
“All of this brings GoTo to its current position as Indonesia’s largest digital ecosystem, creating tangible impact for customers, driver partners, and business partners,” stated GoTo’s management in their official statement.
GoTo emphasised that innovation must proceed alongside legal compliance and sound corporate governance so that long-term sustainability can be realised for the Indonesian public.