GoTo Group, Indonesia's largest digital ecosystem, has released a comprehensive statement outlining its transformation from a 2010 call center to a publicly listed tech powerhouse amid rising public scrutiny.
The announcement addresses concerns over corporate governance, key investments, and founder Nadiem Makarim's role following recent legal proceedings.
GoTo's Remarkable Growth History
Starting as a modest call center in 2010, GoTo evolved rapidly by establishing PT Aplikasi Karya Anak Bangsa (PT AKAB) in 2015 as a foreign investment vehicle for its innovative app technology.
In 2017, Google became a minority stakeholder through standard funding rounds, never holding majority control or receiving special treatment.
The pivotal 2021 merger of Gojek and Tokopedia propelled GoTo to new heights, culminating in a landmark IPO that same year.
Clarifying Governance and Financial Moves
Nadiem Makarim fully resigned from all positions in 2019 upon becoming Indonesia's Minister of Education, granting power of attorney over his shares to co-founders for complete separation of interests.
During the 2021 merger, GoTo acquired Tokopedia shares from Google and restructured fintech entity shares, with investors reinvesting proceeds into new shares.
An internal shift saw PT AKAB gain full control of PT Gojek Indonesia via new share subscriptions worth IDR 809 billion, used solely to repay inter-company debts without benefiting individual shareholders.
Impact and Future Vision
Share pricing distinctions between nominal and subscription values are transparently detailed in audited financial statements, emphasizing legal compliance.
This clarification reinforces GoTo's commitment to trust and prudence, sustaining its mission to empower millions of consumers, drivers, and merchants across Indonesia.
Looking ahead, GoTo aims to drive innovation in Southeast Asia's tech landscape while upholding unwavering transparency amid evolving regulatory scrutiny.
The response highlights the broader impact on Indonesia's startup ecosystem, setting a precedent for accountable growth in emerging markets.
Alfred Lee
