Indonesia's largest tech unicorn GoTo to go public on April 4

The latest news is that GoTo, Indonesia's largest technology unicorn, will be officially listed on April 4. It is understood that the financing target of GoTo's listing will be US$1.1 billion.

People in China may be unfamiliar with GoTo , but GoTo is very famous in Southeast Asia.

( Image source: GoTo )

GoTo Group, formally known as PT GoTo Gojek Tokopedia Tbk , is a company formed by the merger of Indonesian ride-hailing payment company Gojek and e-commerce giant Tokopedia in May 2021. The two companies are the two largest unicorn companies in Indonesia . Among them, Gojek is a travel platform, and Tokopedia is the largest local shopping platform. It is equivalent to "Didi" and "Taobao" in China . These two companies belong to the head track and have huge market space.

Alibaba is one of the biggest beneficiaries of GoTo's listing

By checking the shareholder structure of GoTo , it was found that SoftBank and Alibaba were the company's top two investors with shareholdings of 15.3% and 12.6% respectively .

The reason behind Alibaba becoming one of the biggest beneficiaries of GoTo's listing is actually the giant's overseas layout.

Looking at Alibaba's overseas investments over the years , it is not difficult to find that its overseas expansion is gradually becoming clearer. In 2010, Alibaba acquired VendioServices, the first American e-commerce SaaS provider. It was not until 2013 that Alibaba made extensive overseas investments. Alibaba's investment targets are all local e-commerce giants, and the proportion of its holdings is relatively high , so that it can get a good return on investment in the short term .

GoTo has shown strong growth momentum in recent years

GoTo CEO Andre Soelistyo said that Indonesia is the world's largest and most exciting emerging market, and this year the Indonesian capital market has shown strong resilience amid global market volatility.

GoTo has been operating for nearly two years and has shown strong growth momentum. In the 12 months ending September 30, 2021, GoTo's total transaction value (GTV) was Rp 414 trillion. In comparison, GoTo's GTV in 2020 was Rp 330 trillion. From 2018 to 2020, GoTo's revenue grew by an average of 56% per year. Revenue in the 12 months ending September 30, 2021 was Rp 15.2 trillion.

GoTo has said its company valuation would be between US$26.2 billion and US$28.8 billion, which would make it Indonesia's fourth-largest listed company.

Listing

Indonesian Tech Unicorns