Gojek co-CEO Andre Soelistyo set to lead the Indonesian app giant after Tokopedia Merger
Gojek co-CEO Andre Soelistyo is expected to lead the Indonesian app giant that will be formed when the transportation and distribution business merges with e-commerce company Tokopedia.
According to the people, Indonesia’s two most valuable startups are planning to merge to form a holding company called GoTo, of which Gojek’s shareholders will own 58% and Tokopedia’s owners will own the rest. According to them, Patrick Cao, the current president of Tokopedia, will keep his place in the new body.
The combined group, which is aiming for a valuation of up to US$40 billion ($54.35 billion), is betting on a former private-equity investor to keep the business expanding by selecting Soelistyo. Soelistyo, 37, has led Gojek’s expansion into consumer services and oversaw a $5 billion funding round from investors such as Google, Tencent Holdings, Astra International, KKR & Co, and Warburg Pincus.
–Bloomberg reported, citing people familiar with the matter.
As per the people, GoTo will have three business units: Gojek, an on-demand transportation service; Tokopedia, an e-commerce platform; and Dompet Karya Anak Bangsa, or DKAB, which will handle payments and financial services. Tokopedia CEO William Tanuwijaya will remain in charge of the online shopping pioneer he created in 2009, while Gojek co-CEO Kevin Aluwi will continue to lead the business. According to them, Group CEO Soelistyo will lead DKAB’s payments and financial services team.
Tokopedia and Gojek are nearing completion of a merger that will create the world’s fourth most populous country’s largest internet company. According to Bloomberg News, their boards of directors and management teams have settled on the terms of the merger and are officially seeking shareholder approval, placing the transaction on track to close this summer.
Soelistyo first met Gojek while working at Northstar Group, a private equity firm that became the startup’s first institutional investor in its early days.
In 2010, entrepreneur Nadiem Makarim formed Gojek as a call center to arrange courier deliveries in Jakarta. All was done manually, with employees calling motorcycle drivers one by one before one approved an order. Makarim worked at other startups in order to keep the company afloat.
Makarim decided to create a mobile app in 2014 with the help of Northstar. When it first launched in early 2015, the service was so successful that Gojek couldn’t keep up. Soelistyo became president of Gojek the following year, and has since helped the company grow to around 20 customer services, including telehealth and personal investment.
When Makarim accepted a ministerial position in Indonesia’s government and resigned from Gojek, he was appointed co-CEO with Aluwi in October 2019.
Mehjabin Zaman Mahee
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