Successful startups often begin with a simple idea that solves an everyday problem. But scaling that idea to serve millions takes more than technology and implementation. It takes trust, prudence, and capital.

That was Gojek’s journey, now GoTo Group’s. Founded in 2010 as a call center, Gojek was a product that made a huge difference to consumers, driver-partners and eventually merchants, evolving into a movement that would flow across the country, driven by a mission to make life better for everyone.

GoTo has recently received some attention due to legal proceedings involving our founder, Nadiem Makarim, who left the Company in 2019 and became Indonesia’s Minister of Education, Culture, Research, and Technology. We are therefore taking this opportunity to provide some clarity on our journey, from start-up to large tech company.

GoTo and global investors

As the company grew, we attracted interest from global investors in search of exposure to Indonesia’s digital economy. One such investor was Google, who made their first investment in 2017. Google continued to participate in subsequent funding rounds alongside many other global investors, with the bulk of their investments coming before 2019, prior to Nadiem’s appointment as a minister. 

Google’s investments were not separate or exclusive, and they were never a majority or controlling shareholder of the Company. As with all investors, GoTo managed Google’s participation in these rounds professionally and transparently, providing no special treatment and in full compliance with applicable laws and regulations. Share Subscription Agreements (SSAs) were put in place and signed by each investor for every investment. This is standard practice for companies undergoing a fundraise. Funds were used for business growth and operational purposes only.

At no point did we buy back any of our own shares from Google. However, other shares were purchased from them on two occasions. Firstly, in May 2021, Gojek and Tokopedia combined to create GoTo. To enable this, we purchased Tokopedia shares from Google, an existing Tokopedia shareholder. A similar process was undertaken by other Tokopedia shareholders.

Secondly, in October 2021, as part of a necessary restructuring ahead of IPO, we purchased shares in our financial technology entity, PT Dompet Karya Anak Bangsa, from multiple investors including Google.

In both of these cases, the investors decided to reinvest the proceeds by subscribing to new GoTo shares

Our relationship with Google did not start with investment. We became a Google customer in 2015 purchasing their cloud infrastructure services, and later utilizing mapping and digital advertising services. They are one of many technology solution providers that we work with – this is a common arrangement for tech companies in Indonesia and around the world. We paid for their services from Company funds, and all transactions were recorded in accordance with the Indonesian accounting standards. 

Understanding share pricing

Under Indonesian company law, all Indonesian companies are required to specify a nominal value for their shares in their Articles of Association. We are fully compliant with this requirement. This nominal value is typically different from the actual subscription price of the shares, which is determined by supply and demand – the amount investors are willing to pay. 

The Indonesian accounting standard provides guidance on the accounting treatment for the difference between nominal value and share subscription price. The nominal value is recorded as share capital, while the difference between the nominal value and the share subscription price is recorded as additional paid-in capital. Both amounts are clearly articulated in our financial statements, which are audited by an independent public accounting firm and are publicly available.

GoTo’s operational structure

PT Gojek Indonesia (PT GI) was set up in 2010 as Gojek’s original operating entity, established as a PMDN (Domestic Investment Company). As we were not yet profitable, operations were funded primarily by raising debt. In 2015, the business had scaled beyond the initial call center operations model, becoming a technology business with the launch of the Gojek app.

This is why PT Aplikasi Karya Anak Bangsa (PT AKAB), a PMA (Foreign Investment Company) was established in 2015. PT AKAB became home to our app and technology, while PT GI continued to focus on operational support for driver-partners. 

To prepare for our IPO in 2021, it was prudent for PT AKAB to obtain full control of PT GI, which still housed certain Gojek operations. To achieve this, PT AKAB subscribed to newly issued PT GI shares (not by purchasing existing shares from shareholders). At the time, to finance its operations, PT GI had accumulated a total debt of IDR 809 billion, which it owed to PT AKAB. PT GI used the proceeds from the share issuance to repay that outstanding debt in full.

No shareholder, including Nadiem, received any proceeds from these transactions. The transfers took place solely between PT AKAB and PT GI, and were carried out professionally and transparently. In November 2021, AKAB’s name was changed to PT GoTo Gojek Tokopedia, then after IPO, its status was changed from PMA to PMDN, following the applicable regulations. 

A foundation of trust and good corporate governance

In October 2019, before Nadiem entered public service, he resigned from his positions at GoTo and stepped away from any role in the Group. Given he still held shares, he took a further step to clearly separate his interests in the Company from his responsibilities as a minister, granting Power of Attorney (PoA) over his shareholder voting rights to his co-founders, who continued to lead the business. From this point onwards, he had no decision-making role at the Company. This reflects a broader principle that has guided GoTo as we have grown: innovation must be matched by transparency and strong governance.

All of this has brought GoTo to where it is today: Indonesia’s largest digital ecosystem, creating tangible impact for consumers, driver-partners, and merchants. We earn trust by doing the right things the right way, and we build for the long term in ways that people can feel across Indonesia every day.

About GoTo Group
GoTo is the largest digital ecosystem in Indonesia. GoTo's mission is to 'empower progress' by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy. The GoTo ecosystem provides a wide range of services, including mobility, delivery, payments, financial services, and technology solutions for merchants. The ecosystem also provides e-commerce services through Tokopedia and banking services through its partnership with Bank Jago.