Who Owns GoTo Company?

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Who Owns GoTo Company?

GoTo, Indonesia's largest digital ecosystem, was formed by the merger of Gojek and Tokopedia. Its mission is to empower progress through technology, impacting millions of users and merchants.

As a super-app giant in Southeast Asia, GoTo's integrated platform significantly contributes to Indonesia's economy. Understanding its ownership is key to grasping its strategic direction.

GoTo's ownership structure is a complex interplay of founders, institutional investors, and public shareholders. As of early 2025, GoTo Group's market valuation stood at approximately $5.39 billion. For a deeper dive into the company's operational environment, consider a GoTo PESTEL Analysis.

The foundation of GoTo company ownership is rooted in the merger of two significant entities: Gojek and Tokopedia. Gojek was established in 2010 by Nadiem Makarim, initially focusing on motorcycle taxi services. Tokopedia was co-founded by William Tanuwijaya. The combined entity, GoTo, formed in May 2021, saw Gojek shareholders hold 58% and Tokopedia shareholders hold 42% of the new holding company.

Founding Vision

The founders envisioned a comprehensive digital ecosystem to address everyday needs. This vision was a driving force behind the merger and subsequent GoTo company ownership structure.

Key Early Leaders

Andre Soelistyo, who was Gojek's co-CEO, became GoTo's Group CEO. Kevin Bryan Aluwi, another Gojek co-founder, also played a significant role in the early stages.

Initial Investor Support

Major global entities like Alphabet's Google, Tencent, Temasek Holdings, and Abu Dhabi Investment Authority provided substantial early backing. Northstar Group, co-founded by Patrick Walujo, was also an initial investor.

Post-Merger Ownership

Following the merger in May 2021, Gojek shareholders initially owned 58% of GoTo, while Tokopedia shareholders held 42%.

Founder Involvement Shifts

Nadiem Makarim is no longer listed as a shareholder in GoTo subsidiaries as of October 2023. Kevin Aluwi stepped down from the board but retained his voting shares.

Evolution of Ownership

These transitions highlight the evolving GoTo company ownership as it transitioned from its startup origins to a publicly traded corporation.

The early ownership structure of GoTo was a direct reflection of the merger between Gojek and Tokopedia. This strategic combination aimed to create a dominant digital ecosystem. Understanding who owns GoTo begins with recognizing the contributions and equity stakes of the founders and early investors from both legacy companies. The initial distribution of 58% to Gojek shareholders and 42% to Tokopedia shareholders set the stage for the company's public journey. This foundational GoTo company ownership has seen adjustments as the company matured, with key figures like Nadiem Makarim no longer holding direct stakes as of late 2023, illustrating the dynamic nature of shareholder influence in a growing enterprise. For a deeper understanding of the company's direction, exploring the Mission, Vision & Core Values of GoTo provides valuable context.

Key Aspects of Early GoTo Ownership

The initial GoTo company ownership was shaped by the successful merger of two major technology players. This created a significant entity in the digital landscape.

• Gojek shareholders initially held 58% of GoTo.
• Tokopedia shareholders initially held 42% of GoTo.
• Major global investors provided crucial early funding.
• Founder involvement has evolved since the company's inception.

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GoTo's ownership journey has been dynamic, notably shaped by its significant Initial Public Offering (IPO) and subsequent strategic business adjustments. The company's debut on the Indonesia Stock Exchange (IDX) in April 2022 marked a pivotal moment, raising substantial capital and establishing a broad investor base.

The GoTo company ownership structure has evolved significantly since its inception. The company launched its Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) under the ticker GOTO on April 11, 2022. This event raised approximately US$1.1 billion (IDR 15.8 trillion) and resulted in an initial market capitalization of around US$28 billion (IDR 400.3 trillion). This IPO was recognized as the third largest in Asia and fifth largest globally for 2022, attracting a record number of investors for an IDX IPO.

Key Stakeholders and Strategic Shifts

GoTo's shareholder landscape is currently diverse, with the general public holding the largest stake. Major institutional investors like The Vanguard Group, BlackRock, Inc., and Franklin Resources, Inc. also maintain significant positions. A notable strategic maneuver occurred in December 2023 when ByteDance, the parent company of TikTok, acquired a 75% stake in Tokopedia. This transaction consequently reduced GoTo's ownership in Tokopedia to 25%, leading to Tokopedia's deconsolidation from GoTo's financial statements starting February 1, 2024. Additionally, GoTo initiated the divestment of its logistics support businesses for Tokopedia.

• The general public is the largest shareholder group, holding 78.23% of GoTo company ownership as of July 2024.
• SVF GT Subco (Singapore) Pte. Ltd. holds approximately 8.62% of shares as of June 2025.
• Alibaba Group Holding Limited is a significant shareholder with 8.38% of shares as of June 2025.
• ByteDance acquired a 75% stake in Tokopedia in December 2023, impacting GoTo's consolidated financials.
• Understanding who owns GoTo provides insight into its strategic direction and market positioning.

The ownership evolution of GoTo reflects its strategic adjustments in the market. For a deeper understanding of its historical trajectory, you can refer to this Brief History of GoTo. The company's structure continues to adapt, influenced by major shareholder activities and divestitures, shaping its future operational focus.

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The governance of GoTo is structured around its Board of Directors and Board of Commissioners, with a notable dual-class voting system that concentrates significant control. As of June 2025, Patrick Walujo serves as President Director and Chief Executive Officer, leading a board that includes key figures like Catherine Hindra Sutjahyo and Simon Tak Leung Ho.

GoTo's ownership and governance are significantly shaped by its dual-class voting structure. Series B shares are endowed with 30 votes per share, a substantial advantage over the single vote per Series A share. This mechanism effectively centralizes voting power among senior management and founders who hold Series B shares, potentially diminishing the influence of other shareholders. For instance, Patrick Walujo's eligibility to hold Series B shares was confirmed in June 2024, reinforcing management's voting control. This concentration of power has raised concerns among major institutional investors; BlackRock, a significant shareholder, has voiced opposition to proposals that would add new Series B shareholders in both June 2023 and June 2024, citing potential impacts on minority shareholder rights. These governance dynamics highlight an ongoing debate regarding concentrated control versus broader shareholder participation in the company's strategic decisions, a topic also explored in discussions about the Revenue Streams & Business Model of GoTo.

Understanding GoTo's Voting Power

GoTo's dual-class share structure is a critical element of its corporate governance, granting disproportionate voting power to a select group.

• Series B shares carry 30 votes each, while Series A shares have 1 vote.
• This structure concentrates control with senior management and founders.
• Concerns have been raised by institutional investors regarding minority shareholder rights.
• Decisions on adding new Series B shareholders have faced opposition from major stakeholders.

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Over the last few years, the GoTo company ownership structure has undergone significant transformations. Key strategic decisions and leadership changes have reshaped its market position and operational focus.

The company has seen substantial shifts in its ownership profile, notably with ByteDance acquiring 75% of Tokopedia's shares in December 2023. This strategic move reduced GoTo's stake to 25%, leading to the deconsolidation of Tokopedia from February 1, 2024. This significantly altered GoTo's e-commerce presence and overall business strategy.

Share Buyback Initiative

GoTo approved a share buyback program of up to US$200 million. This program commenced on June 12, 2024, and is set to conclude on June 11, 2025.

Leadership Transitions

Several key leadership changes have occurred, including co-founder Andre Soelistyo stepping down as commissioner in May 2024. Further board transitions in April and May 2025 indicate a move towards a more professionally managed corporate structure.

Market Dynamics and Future Outlook

Industry trends show increased institutional ownership and founder dilution. Reports of potential merger discussions with Grab Holdings could significantly alter the Southeast Asian super-app market.

Profitability Focus

The company's CEO has expressed openness to mergers focused on maximizing enterprise value. Analysts project GoTo to achieve a positive adjusted EBITDA for fiscal year 2025, estimated between 1.4 trillion to 1.6 trillion rupiah.

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