Ahead of its initial public offering (IPO), PT GoTo Gojek Tokopedia Tbk (GoTo Group), the largest digital ecosystem in Indonesia, announced Monday it will allocate over $20 million to its driver-partners.
In Indonesia, the driver-partners will receive a share grant under the Gotong Royong share program, GoTo Group said in a statement.
“It has always been our dream to be able to share the benefits of our IPO with partners in our ecosystem. Through the Gotong Royong Share Program, we are able to show our appreciation to loyal driver-partners who have helped build GoTo from the very beginning and have journeyed with us through the ups and downs. GoTo wants everyone in our ecosystem to enjoy the fruits of our collective success so we can continue to grow together for the long-term,” said GoTo Group Chief Executive Officer Andre Soelistyo.
According to the statement, almost all driver-partners in Indonesia will have the opportunity to participate in this program, including GoRide, GoCar, GoSend, GoFood, and GoBox partners. The eligibility criteria for driver-partners to receive the reward are determined based on various factors, including their service category, the length of time they have been registered as a partner, and the driver-partner’s active status.
Through this program, each Indonesian driver-partners who registered between 2010 to 2016 have the opportunity to receive 4,000 GoTo’s Series A shares, while driver-partners who registered from 2017 to February 2022 can receive 1,000 GoTo’s Series A shares.
Driver-partners will receive their shares after the eight-month lock-up period, calculated from GoTo’s effective statement date (March 30, 2022) as mandated by the Financial Services Authority (OJK).
Separately, aligned to applicable regulations, driver-partners in Singapore and Vietnam will also receive a form of appreciation in cash.
To further support driver-partners, GoTo will collaborate with financial and investment experts to provide education and training on financial and investment management. These training materials can also be accessed in the Smart Tips feature in the GoPartner application.
GoTo Group said its Gotong Royong share program not only enables driver-partners to benefit from GoTo’s IPO but also engages merchants, consumers, and employees.
Loyal GoTo merchant and consumer partners received priority access to order GoTo shares through a fixed allocation during the book-building period, which took place from March 15-24, 2022. Full-time employees were also provided the opportunity to become shareholders in GoTo, through the company’s long term incentive plan program which aims to attract and reward high-performing talent, and foster an “ownership mentality”.
In addition to the Gotong Royong share program, GoTo also established the GoTo Future Fund, an endowment fund that aims to support initiatives and solutions that benefit the lives of stakeholders across the GoTo ecosystem, while also helping the GoTo Group toward its Three Zeros sustainability commitments (zero emissions, zero waste and zero barriers).
As part of the establishment of the fund, GoTo has allocated 9.35 billion Series A shares, currently valued at $216 million.
GoTo Group consists of on-demand services (mobility, food delivery, and logistics), e-commerce (third party marketplaces + official stores, instant commerce, interactive commerce, and rural commerce), and financial technology (payments, financial services, and technology solutions for merchants) through the Gojek, Tokopedia, and GoTo Financial platforms. Its mission is to “empower progress” by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy.