11 April 2022- GoTo Group, officially debuted its Initial Public Offering (IPO) on the Indonesian Stock Exchange (IDX), with the stock code GOTO. The group raised USD 1.1 billion after issuing 46.7 billion shares at IDR 338 per share, making it one of biggest IPO in the world year-to-date. After market close, GOTO shares surge 13.2%, reaching a market capitalization of USD 31.5 bn.
Andre Soelistyo, the CEO of GoTo said, “As Indonesia’s market leader, with an ecosystem that can solve two-thirds of household consumption. Our business has grown from one of the world’s most promising regions and we are proud to lead the technology of Indonesian. Goto’s platform had more than 55 million users, 14 million merchants and 2.5 million drivers as of September last year, bringing out a more convenient mobile Internet life experience to society in Indonesia.
Vivian Xu, partner of ZWC Partners said, “Congratulations to GoTo Group and its team. As an investor, we have witnessed GoTo/Tokopedia throughout its journey from a start-up into a technology giant in Southeast Asia. Today we have seen the flourishment of our initial investment thesis. With our long term and systematic research on Southeast Asia technology development landscape, we have been impressed by the team’s deep local insight, excellent operating experience and determination to drive significant impacts in the Southeast Asia digital ecosystem. Today’s milestone is a good testimony of the GoTo team’s vision and entrepreneurship. With huge growth potential of the Internet economy in both Southeast Asia and Indonesia, we are very optimistic about the future prospect of GoTo Group.
As the fourth most populous country with relatively young demographic, Indonesia has a high mobile internet penetration rate (approximately 80%). Indonesian is one of the fastest growing e-commerce markets in the world while still having a large room for growth within its e-commerce penetration. Formed from the merger of the two unicorns, Tokopedia and Gojek, GoTo Group is currently the largest digital platform in Indonesia with annual transaction volume exceeding USD 28 bn last year. The combined synergies of one-stop shopping, instant on-demand services, and fintech services like e-wallet have nurtured an ecosystem supporting every-day needs of the 270 million and counting Indonesians.
ZWC Partners is a private equity firm specializing in investment opportunities in emerging markets across Asia. ZWC Partners has offices in Shanghai, Beijing, Shenzhen, Singapore, and Jakarta. ZWC Partners invested over 15 unicorns including GoTo, Kanzhun, Xpeng Motor, and 4 Paradigm. Through the establishment of Zynergy Entrepreneurship Accelerating Camp, ZWC Partners has been driving impacts region wide across Asia by enabling innovation technologies together with local expertise within Asian emerging markets.