How these millennial tech founders pulled off Indonesia’s biggest-ever business deal

Kevin Aluwi and William Tanuwijaya currently made Indonesian history.

As founding contributors of GoTo Group, the 30-somethings are guilty for constructing Indonesia’s most contemporary and most dear tech firm after merging their scoot-hailing and e-commerce start-usain the country’s supreme-ever enterprise deal.

The mixed entity contributes 2% to Indonesia’s GDP via its diverse enterprise traces together with a grand kindly-app, based fully fully on the firm. And that is the reason simply the origin.

“Confidently within the future, we will make contributions to 5 to 10%,” Tanuwijaya, co-founder and CEO of Tokopedia told CNBC Make It.

Nonetheless that possibilities are you’ll also simply never have heard of it. So what precisely is GoTo and how did it rep so mountainous?

Founding Indonesia’s supreme tech firm

GoTo Group is an Indonesian tech wide formed in Also can simply 2021 in a blockbuster merger between two of the country’s supreme start-ups: Gojek and Tokopedia.

Based a year apart within the capital Jakarta, Tokopedia started in 2009 as an e-commerce marketplace to connect exiguous merchants with merchants, while Gojek launched in 2010 as a scoot-hailing platform for motorcycle taxis. 

Both companies were created by a group of chums of their 20s, who were responding to an emerging wave of cyber net connectivity taking attend of the country on the time. 

Indonesian technology firm GoTo offers on-demand, e-commerce and digital funds products and services.


“There used to be form of this inflection level the save folks were seeing the probability of the cyber net there, especially with the upward push of mobile,” stated Aluwi, co-founder and CEO of Gojek.

In a sprawling country with the world’s fourth-supreme population and a with out warning growing center class, the founders were onto something. Within the years that followed, both companies ventured into digital funds and diverse products and services.

Imagine that Amazon, DoorDash, Uber, PayPal, Stripe is mixed together.

William Tanuwijaya

co-founder and CEO, Tokopedia

Tokopedia doubled down on together with new market segments comparable to other folks and exiguous stallholders to its ecosystem. Within the period in-between, Gojek expanded its scoot-hailing platform regionally and grew its home kindly app, offering customers on-demand products and services from meals to massages and manicures.

Then in 2015, the two began working in partnership, using Gojek drivers to provide identical-day supply for Tokopedia merchandise at some stage in their off-top using hours. 

“We were the important within the field to carry together a partnership between an on-demand platform with an e-commerce platform,” stated Aluwi.

A localized kindly app

Six years later, amid growing competitors from regional and international tech companies, the pair agreed to officially merge ideal month in an $18 billion deal — Indonesia’s supreme ever.

“Imagine that Amazon, DoorDash, UberPayPal, Stripe is mixed together,” stated Tanuwijaya. “There may maybe be a asserting that whenever that possibilities are you’ll win to switch hasty, you budge by myself; whenever that possibilities are you’ll win to switch a ways, you budge together. So GoTo, primarily, is budge a ways, budge together.”

Indonesiam technology firm GoTo Group contains three enterprise fingers, Gojek, GoTo Financial and Tokopedia.


Below the new constructing, GoJek’s Andre Soelistyo takes over as CEO of GoTo Group and GoTo Financial, Tokopedia’s Patrick Cao becomes president, while Aluwi and Tanuwijaya remain CEOs of Gojek and Tokopedia, respectively.

The mixed entity counts over 100 million month-to-month full of life customers, better than 11 million merchants, and over 2 million drivers in an ecosystem that represents 2% of Indonesia’s $1 trillion GDP, the firm stated.

GoTo is hoping that will wait on it win a better chunk of the market in Indonesia and beyond.

Tapping Southeast Asia’s opportunity

Indonesia’s digital financial system is anticipated to be worth $124 billion by 2025, as the broader Southeast Asian on-line market triples in worth to bigger than $309 billion, based fully fully on a novel detect.

“Indonesia stays vastly titillating which skill that of the population in Southeast Asia, mountainous financial vow forecasts for the next 10 years or thereabouts, (and) in actuality becoming a consumption-based fully fully financial system,” stated Florian Hoppe, a accomplice at Bain & Company and co-creator of the learn.

This is both a mountainous enterprise opportunity nonetheless additionally an save the save we in actuality mediate we can carry a range of impact.

Kevin Aluwi

co-founder and CEO, Gojek

Nonetheless in repeat to originate bigger, Hoppe stated companies want to center of attention on their products and services on the 120 million Indonesians who live start air metropolis areas all over the better than 17,000 island archipelago.

“A lot of the early vow used to be pushed by key metropolis centers, used to be pushed by Java,” he stated. “The following half goes to be the in actuality tantalizing yarn. How design you attain them? Organising logistics products and services there, onboarding them for funds, in actuality initiating to integrate them within the digital financial system.” 

Southeast Asia’s digital financial system is forecast to triple in worth by 2025.


For GoTo, that entails offering funds and financial products and services in a rustic the save 47 million adults lack rep admission to to mainstream financial products and services and merchandise, and 92 million folks have never historical a financial institution.

“It be these contributors who are underbanked or unbanked, the save falling in wretched health or financial shocks can in actuality mean the adaptation between being within the center class and falling serve into poverty,” stated Aluwi. “So, here’s both a mountainous enterprise opportunity nonetheless additionally an save the save we in actuality mediate we can carry a range of impact.”

Aiming to IPO in 2021

To this level, neither Gojek nor Tokopedia is safe

GoTo is imagined to be planning one other round of fundraising earlier than a public checklist, likely in Jakarta and the U.S. Already, the firm boasts a formidable checklist of investors comparable to Softbank, Alibaba, Tencent, Facebook and Google.

“On timeframe, no longer simply for the IPO, nonetheless on all product pattern, my timeframe is constantly the day earlier than on the present time,” stated Tanuwijaya. “Nonetheless to be sensible to the team etc, then or no longer it is as quickly as likely. We hope that we can intention to checklist by confidently the cease of this year.”

The aptitude’s clearly there and I mediate international investors have woken as much as that.

Florian Hoppe

accomplice, Bain & Company

In April, rival kindly app Snatch executed a Nasdaq checklist thru the field’s supreme “blank test merger” — a diverse motive acquisition firm valued at practically $40 billion. GoTo is imagined to be within the hunt for a public market valuation target of $35 billion to $40 billion.

The IPOs of GoTo and Snatch will additionally assist as a litmus test for the world. If successful, it’ll also pave the fashion for more tech start-usato emerge as investor scurry for meals grows. 

“Southeast Asia, historically, has had slightly more grand time getting on the radar next to China and India,” stated Hoppe. “The ideal few years have confirmed that now, the digital financial system is in actuality rivaling a minimum of India. Nonetheless the likely’s clearly there and I mediate international investors have woken as much as that.” 

Getting engaging to switch international

With their newly mixed assets and enterprise thriving within the new panorama, the firm is now planning its expansion technique, together with an ambitious pledge sustainability pledge.

“GoTo comes with a mountainous accountability,” stated Tanuwijaya. “We try to provide alternate choices for a area that we learned a decade within the past. Nonetheless this solution will additionally rep one other area; with hundreds and hundreds of drivers, the emissions, with so many merchants, the packaging etc.”

GoTo is an Indonesian technology firm formed in a Also can simply 2021 merger between scoot-hailing wide Gojek and e-commerce platform Tokopedia.


“So now we have a dedication by the year of 2030 (to) in actuality pressure zero wreck, zero emissions, and to become a firm that could well additionally be a legacy for the next generation.” 

The mettlesome ambitions point out the GoTo of 2030 can also look very diverse from on the present time. Nonetheless as a ways as the leaders are involved, they’re simply getting started. 

“There may maybe be no query that our ambitions are international,” stated Aluwi. “We now have gotten operations no longer simply in Indonesia and we design imagine that the longer term for our mixed group is one which goes beyond only one country.” 

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