Heaptalk, Jakarta — After announcing its financial performance in the early quarter of 2024, PT GoTo Gojek Tokopedia has also entered into a conditional sale and purchase agreement to divest ownership of the delivery and fulfillment businesses under GoTo Logistics that support Tokopedia in Q2 this year.
The group management ensured this transaction would not impact the Gosend business, a consumer-to-consumer delivery service currently available through the Gojek application as part of GoTo’s on-demand services business segment.
As the CEO of GoTo Group, Patrick Walujo, affirmed, “This transaction will not impact GoSend services. This service has never been part of GoTo Logistics. As part of our on-demand service business, Gosend will remain with us,”
According to the official website, GoTo Logistics is a composite business of PT Paket Anak Bangsa, PT Swift Logistics Solutions, and PT GoTo Solusi Niaga. This unit has 10 warehouses in several Indonesian cities, including Bandung, Cilincing, Logos, Pancoran, Pluit, Rungkut, Makassar, Surabaya, Pancoran, Cawang, and Medan.
The company divested GoTo Logistics on January 31, 2024, after completing its agreement with TikTok to merge Tokopedia and TikTok’s e-commerce business under the PT Tokopedia entity. As a result, the Group deconsolidated Tokopedia, effective February 1st, 2024.
At the Group level, GoTo is reporting pro forma figures that assume Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated as of January 2023 to facilitate the Group YoY comparisons of its performance for the first quarter of 2024.
Until the first quarter (Q1) of 2024, GoTo has successfully reduced its Adjusted EBITDA loss by 89%, approximately USD6.2 million YoY. Group GTV also increased by 20%, attaining USD7.1, while Group core GTV, which excludes merchant payment gateway, grew by 32% YoY to USD3.3 billion. Moreover, the group obtained gross revenue by 18% YoY to USD258 million.
In the On-demand Service segment, GoTo’s Adjusted EBITDA was positive for the second quarter, reaching US$10.2 million, or 1.2% of On-demand Services GTV, increasing 296 bps YoY. The segment’s gross revenue also climbed by 12%, attaining US$203 million, driven by value-added services.
This behemoth digital ecosystem will continue to invest in this business unit, which includes expanding its user base through affordable products and continuous product improvement, deepening its wallet share through its product mix and subscriptions, and improving value-added services, such as its advertising business.
