Ride-hailing and food delivery superapp Gojek merged with Indonesian e-commerce player Tokopedia to form the super-superapp GoTo, with services spanning e-commerce, payments, courier services, ride-hailing, food delivery and other options. While Tokopedia is mainly Indonesia-focused, GoJek’s ride-hailing and food delivery services have expanded within Southeast Asia. GoTo Financial said its gross transaction value (GTV) for the first quarter surged 91 percent from the year-earlier quarter to IDR77.5 trillion (US$5.32 billion), while for 2021, GTV was up 80 percent on-year to IDR214.9 trillion. In the first quarter, gross revenue for fintech climbed 47 percent from the year-earlier quarter to IDR358 billion (US$24.56 million).
Financial services inclusion in Indonesia remains relatively low, despite the Covid-19 pandemic boosting acceptance and use of digital financial services. GoTo reported a loss of IDR6.61 trillion, widening from a loss of IDR1.96 trillion in the year-ago quarter. Net revenue for the quarter grew to IDR1.50 trillion, up 65.5 percent from the year-earlier quarter. Shares of GoTo tumbled 4.46 percent to IDR300 by 11:00 a.m. SGT in trade in Indonesia as earnings disappointed the market. GoTo said its transport segment has recovered strongly, with gross transaction value (GTV) for the first quarter reaching around 70 percent of pre-Covid levels; the segment’s GTV grew 73 percent in the first quarter from the year-ago period. GoTo guided for gross revenue of IDR5.3 trillion to IDR5.6 trillion, compared with first quarter gross revenue of IDR5 trillion, which was up 53 percent from the year-earlier quarter.