Andre Soelistyo, CEO of GoTo, said, “As the Indonesian market leader, with an ecosystem capable of solving two-thirds of household consumption. Our business has grown from one of the most promising regions in the world and we pride ourselves on being at the forefront of Indonesian technology. Goto’s platform had over 55 million users, 14 million merchants and 2.5 million drivers as of September last year, bringing a more convenient mobile Internet life experience to the company by Indonesia.”
Viviane Xupartner at ZWC Partners, said, “Congratulations to the GoTo Group and its team. As an investor, we have witnessed GoTo/Tokopedia throughout its journey from a start-up to a tech giant in South East Asia. Today we saw the blossoming of our initial investment thesis. Thanks to our long-term and systematic research on South East Asia in the technology development landscape, we were impressed by the team’s deep local knowledge, excellent operational experience and determination to generate significant impacts in the South East Asia digital ecosystem. Today’s stop is a good testament to the vision and entrepreneurial spirit of the GoTo team. With enormous growth potential for the Internet economy in both South East Asia and Indonesiawe are very optimistic about GoTo Group’s future prospects.“
As the fourth most populous country with a relatively young demographic, Indonesia has a high mobile internet penetration rate (around 80%). Indonesia is one of the fastest growing e-commerce markets in the world, while still having plenty of room for growth in its e-commerce penetration. Resulting from the merger of the two unicorns, Tokopedia and Gojek, GoTo Group is currently the largest digital platform of Indonesia with an annual volume of transactions exceeding $28 billion Last year. The combined synergies of one-stop-shop, instant on-demand services, and fintech services like e-wallet have nurtured an ecosystem that meets the daily needs of Indonesia’s 270 million+ people.
ZWC Partners is a private equity firm specializing in emerging market investment opportunities through Asia. ZWC Partners has offices in Shanghai, beijing, shenzhen, Singaporeand Jakarta. ZWC Partners has invested over 15 unicorns including GoTo, Kanzhun, Xpeng Motor and 4 Paradigm. Through the creation of Zynergy Entrepreneurship Accelerating Camp, ZWC Partners has had impacts across the region through Asia by fostering innovative technologies and local expertise in emerging Asian markets.
SOURCE ZWC Partners