Heaptalk, Jakarta — GoTo reported its adjusted EBITDA loss was reduced by 95% YoY and 53% QoQ to Rp48 billion. The company claimed that the growth of users in affordable on-demand services products, the increase in Gopay app adoption, and loan book growth significantly contributed to the positive output.
In more detail, GoTo’s on-demand services saw continued growth due to the uptake of its affordable transport and delivery products. The company cemented its market leadership in the archipelago, whereby GTV and completed orders grew by 18% and 24% YoY, respectively. Furthermore, this business unit GTV grew 14% YoY to Rp15.5 trillion.
This unit’s gross revenue increased by 17% YoY to Rp3.4 trillion. On a like-for-like basis, accounting for the change in business model enacted last quarter, gross revenue increased by 5%. Adjusted EBITDA for On-Demand Services increased by Rp254 billion YoY to Rp90 billion, or 0.6% of On-Demand Services’ GTV, marking its third consecutive quarter of positive adjusted EBITDA.
“Our GTV and completed order number in Indonesia reached the highest level since the company began pursuing profitability while costs continued to come down. The ongoing adoption of mass-market products and subscriptions is expected to propel the company’s growth in the future,” GoTo said.
The Company estimates that its market share in Singapore increased by three percentage points in Q2, aided by its partnership with ComfortDelGro, which launched in late April and is helping address local driver supply challenges. Aligned with its mass-market strategy, GoTo will continue investing in On-Demand Services to expand its user base, primarily through its affordable products. The ongoing increase in subscribers will also support deepened wallet share as users bridge to more products in the GoTo ecosystem.
GoTo’s Financial Technology business continued to improve in Q2 as core GTV grew by 65% YoY. GoPay app downloads have now cumulatively reached over 30 million, while loans outstanding increased around 3.5x YoY in the second quarter. The unit’s losses were also reduced, and the business remains on track to become adjusted EBITDA positive by the end of 2025, subject to stable macroeconomic conditions.
While the ESG performance, outcomes from GoTo’s measures in Q2 this year, covering:
- The group has increased the size of its two-wheel electric vehicle fleet by 172% to 4,300 EVs compared with 1Q24.
- GoTo launched eight new partnerships and three new products under the Swadaya (driver benefits) program.
- The firm boosted the number of new monthly active drivers using Swadaya Finance by over 11% throughout H1.
- GoTo released the GoPay Pinjam Daily Installment to facilitate more straightforward repayments for driver loans.
