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Gojek, Indonesia’s most valuable startup, has stalled losses this year in key services like transportation and delivery, putting the company on the right track for eventual profitability.
Co-CEOs Andre Soelistyo and Kevin Aluwi said in an interview that the annualized gross value of Gojek transactions in four Southeast Asian countries increased 10% over the previous year to more than US $ 12 billion (RM49.56 billion ) at the end of September. And the number of registered food merchants using its platform to reach consumers in Southeast Asia reached 900,000 this month, nearly double the 500,000 a year ago.
“It’s very easy to charge more for short-term profitability, but if customers, drivers and merchants think we are a better platform, then we can monetize,” said Soelistyo. “For us, sustainability is the mantra.”
Gojek, which started as a small call center in Jakarta connecting consumers and motorcycle drivers, celebrated its 10th anniversary on Thursday. In 2020, the calling vehicle giant streamlined its core businesses and expanded further into groceries. Since Covid-19, its grocery business has increased six-fold in terms of annualized total transaction value, supporting growing demand during the pandemic, according to the company. Gojek is emerging from a difficult year as lockdowns and cautious spending triggered a recession in Indonesia and forced the company to cut jobs.
It now has around 38 million monthly active users across Southeast Asia, while the gross transaction value in its payments-related businesses has surpassed pre-pandemic levels as more consumers and merchants turn to digital services.
Indonesia’s economy has weathered the worst of its post-Covid downturn, while household spending and investment should help it rebound, according to its finance minister. Gross domestic product will grow 0.1% in the fourth quarter after the country posted its first consecutive economic contraction since the Asian financial crisis two decades ago, according to analysts surveyed by Bloomberg. – Bloomberg
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