Daily BriefsIndonesia

Daily Brief Indonesia: GoTo Gojek Tokopedia Tbk PT and more

In today’s briefing:

  • GoTo Gojek Tokopedia (GOTO IJ) – Metamorphosis


GoTo Gojek Tokopedia (GOTO IJ) – Metamorphosis

By Angus Mackintosh

  • GoTo Gojek Tokopedia (GOTO IJ) booked an encouraging set of 1Q2024 results which provided a first look at the new structure, whereby suddenly e-commerce became cashflow positive for the company. 
  • The company booked strong headline growth with core GMV increasing by +32% YoY, despite incentive & product spending decreasing by -31% YoY, whilst adjusted EBITDA losses fell -89% YoY. 
  • GoTo will drive growth less through incentives and more through innovative products, increasing the user base, and focusing on retention through its subscription products, with fintech becoming increasingly important. 

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