Indonesia’s GoTo posts net loss, warns of volatile market

1 min readUpdated Jun 4, 2025Aug 31, 20225:15 AM

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PT GoTo Gojek Tokopedia – whose businesses straddle e-commerce, on-demand apps and finance – saw its losses between January and June more than double from the same period the previous year.

“2022 has been a volatile year in our market and the macro conditions driving this may persist for some time,” CEO Andre Soelistyo said in a webcast on their latest results.

“We will remain watchful on how geopolitical tension, rising fuel cost, inflation and high interest rates will unfold,” he added.

GoTo, which went public earlier this year, posted a net revenue of 3.4 trillion rupiah for the first half. It set a gross revenue guidance of 5.7 trillion to 6 trillion rupiah for its July – September period.

GoTo debuted on April 11 after raising $1.1 billion in an initial public offering by selling around 4% of its shares at 338 rupiah per piece.

Shares of GoTo closed at 324 rupiah per share on Tuesday, up 1.25% from its opening price. The financial results were made public after market closed.

GoTo is seeking to raise about $1 billion through a convertible bond issue. The deal is expected to be launched in the fourth quarter.

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What this means

GoTo's latest results, showing a doubled net loss amidst volatile macro conditions, signal a challenging environment for integrated tech platforms. While the company went public earlier this year, raising $1.1 billion, its current performance and a planned $1 billion convertible bond issue in Q4 suggest significant cash burn. This pressures other regional multi-service operators, who must demonstrate clear paths to profitability. GoTo's strategy to raise further capital indicates a reliance on investor confidence despite the CEO’s caution regarding geopolitical tension, rising costs, and inflation. The risk is continued dilution or inability to secure funding if market sentiment deteriorates further. We will closely watch the success and terms of their Q4 convertible bond issue.

Rajiv Menon

Questions & Answers

How much revenue did GoTo generate in the first half of the year?

GoTo posted a net revenue of 3.4 trillion rupiah for the first half of the year. It has also set gross revenue guidance for the July-September period.

What factors are contributing to the volatile market conditions GoTo is facing?

The CEO identified geopolitical tension, rising fuel costs, inflation, and high interest rates as factors contributing to the volatile market conditions.

How much money did GoTo raise when it went public?

GoTo raised $1.1 billion in an initial public offering by selling approximately 4% of its shares at 338 rupiah per piece.

What are GoTo's plans to raise additional funds?

GoTo is seeking to raise about $1 billion through a convertible bond issue, which is expected to be launched in the fourth quarter.

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