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GoTo Narrows Losses But Profitability Remains Elusive For Indonesian Tech Giant

Updated: Jan 8

GoTo, Indonesia's leading superapp, reported narrowing losses in the first half of 2023. But the tech behemoth is still struggling to achieve profitability despite revenue growth.

Credits: Getty Images

GoTo, Indonesia's leading superapp, announced a net loss of 7.2 trillion rupiah ($470 million) for January-June 2023. This marked a significant improvement from 14.17 trillion rupiah in red ink during the same period last year.

In a financial statement on Tuesday, GoTo said its revenue rose to 6.8 trillion rupiah in the first half of 2023. However, the company posted a mammoth 40.4 trillion rupiah net loss for the full year 2022, 56% higher than the previous year.

Although profitability remains elusive, GoTo is making steady progress in narrowing losses. Its net loss declined 40% year-on-year to 3.86 trillion rupiah in Q1 2023. In Q2, it recorded a net loss of 3.3 trillion rupiah.

Formed in 2021 by the merger of ride-hailing firm Gojek and e-commerce leader Tokopedia, GoTo represents Indonesia's crop of tech unicorns. It went public in April 2022 but shares have plunged nearly 70% below IPO price.

New CEO Patrick Walujo, approved on 30 June, has emphasised moving towards profitability and sustainable growth. He also wants to strengthen cooperation between GoTo's services like GoPay and ride-hailing.

Regional rivals Grab and Sea have managed to trim losses, buoyed by tourism recovery and cost-cutting. But profitability remains distant for GoTo despite narrowing losses. Its market cap stood at 114 trillion rupiah after Tuesday's 6.6% share price rise.

  • GoTo narrowed net losses in H1 2023 but profitability is still elusive

  • Revenue grew in H1 2023 but massive losses posted in 2022

  • New CEO Patrick Walujo focused on achieving profitability and cooperation

  • Share prices plunged 70% below IPO price since listing in April 2022

Source: Nikkei Asia

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