Indonesian super-app formed in May 2021 by a merger of Gojek, a ride-hailing and delivery platform, and Tokopedia, an e-commerce marketplace. GoTo listed in April 2022 at a valuation of $28bn, which fell by three-quarters within a year. By mid-2025 the company was valued at roughly $4bn.
In December 2023 GoTo offloaded 75% of Tokopedia to ByteDance, TikTok's parent company, and has since retreated from the five South-East Asian markets in which it once operated to focus on Indonesia alone. It is now in the black on its preferred measure of adjusted operating profit (before depreciation and amortisation). Its chief executive is Patrick Walujo.
GoTo held a consumer-loan portfolio of 5.7tn rupiah ($349m) in the first quarter of 2025, more than doubling year on year. Fintech accounts for 29% of its revenue and the company aims to grow its loan book to 8tn rupiah by 2026. Like Grab, it builds credit profiles from transaction data, exploiting the fact that far more Indonesians have smartphones than formal bank accounts.
GoTo has studied Chinese super-apps for inspiration and has opened four tech hubs in China in 2025 to recruit software-engineering talent, though it does not operate there. "We've learned a lot from studying Chinese tech companies such as Meituan," says Mr Walujo. "My main takeaway was that their most important capability is the algorithm."
A tie-up with Grab has been rumoured since 2025, which would create a regional tech giant second only to Sea Limited. The two split Indonesia's ride-hailing market roughly in half, with Grab pricing consistently lower. Indonesian officials have signalled that approval would require guarantees for drivers and a significant local stake. Danantara, Indonesia's sovereign-wealth fund, could become involved.
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