GoTo Group, Indonesia’s largest digital ecosystem, has released a comprehensive statement detailing its evolution from a 2010 call center to a public tech powerhouse.
The firm said in a statement on Thursday that the move comes as the company seeks to provide clarity regarding its corporate governance, historical investments, and its relationship with founder Nadiem Makarim following recent legal proceedings.
A central point of the clarification involves GoTo’s relationship with Google.
While Google became a stakeholder in 2017, GoTo emphasized that the tech giant was never a majority or controlling shareholder.
According to the statement, all funding rounds were managed via standard Share Subscription Agreements (SSAs) with no “special treatment” for any specific investor.
GoTo also clarified that it never bought back its own shares from Google.
However, it did purchase Tokopedia shares from Google during the 2021 merger and restructured fintech entity shares (PT Dompet Karya Anak Bangsa) later that year.
In both instances, investors chose to reinvest the proceeds back into new GoTo shares.
Addressing the transition of founder Nadiem Makarim to public office in 2019, GoTo reiterated that Makarim resigned from all positions within the Group before becoming Indonesia’s Minister of Education, Culture, Research, and Technology.
To ensure a “clear separation of interests,” Makarim granted Power of Attorney (PoA) over his shareholder voting rights to his co-founders.
This effectively removed him from any decision-making role within the company for the duration of his public service.
GoTo also provided a deep dive into its internal financial shifts, specifically the relationship between PT Aplikasi Karya Anak Bangsa (PT AKAB) and PT Gojek Indonesia (PT GI).
As the company scaled, PT AKAB (a Foreign Investment Company) was established in 2015 to house the app’s technology.
To streamline for the 2021 initial public offering (IPO), PT AKAB took full control of PT GI.
According to GoTo, PT AKAB subscribed to newly issued shares in PT GI; PT GI used the proceeds (IDR 809 billion) to repay outstanding debts owed to PT AKAB.
The company also stated firmly that no individual shareholders, including Nadiem Makarim, received proceeds from these internal transfers.
In response to questions regarding share pricing, GoTo also explained the distinction between Nominal Value (required by Indonesian law) and the Subscription Price (determined by market demand).
GoTo also confirmed that these figures are clearly articulated in their financial statements, which are audited by independent firms and available for public review.
By detailing these milestones, GoTo aims to reinforce its foundation of trust and prudence.
The company said it remains focused on its mission to serve millions of consumers, drivers, and merchants across Indonesia, asserting that its “innovation is matched by transparency.”