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Gojek reports higher transaction value in 2020, says that all products generate positive margins

Written by Ursula Florene Published on 

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Competition is heating up in the payment space in Indonesia.

Indonesian decacorn Gojek on Thursday announced that its annualized gross transaction value (GTV) in 2020 reached USD 12 billion, a 10% increase from last year. This year’s growth was reinforced by an almost threefold increase in GoPay transactions and the pay-later service.

“What is suddenly booming is our online investment feature, probably because people find it easy to access,” said Gojek’s co-CEO Andre Soelistyo in a virtual conference. Gojek partnered with mutual fund platform Bibit and the sharia-compliant gold investment app Pluang.

The firm also saw a fivefold increase in annualized GTV for its grocery service, as more people are relying on it for shopping during the pandemic. As for GoFood, the number of registered merchants increased by 80% to 900,000. Gojek didn’t disclose which vertical contributed the most to its revenue stream this year.

The co-CEOs Kevin Aluwi and Soelistyo appeared optimistic for the coming year, given the company’s products are all generating positive margins in 2020. “With this growth in profits, we can re-invest our cash flow back into the ecosystem and don’t have to rely solely on external investment,” Soelistyo said.

He added that this is key for a company’s sustainability, together with efficiency. This year, Gojek streamlined its services, with Aluwi stating that they would focus on its three core businesses—ride-hailing, food delivery, and financial services.

The company also plans to strengthen its position in the regional market. It recently unified its international platform in Thailand and Vietnam under the Gojek brand.

Supporting SMEs

Small businesses is an area that Gojek eyes for investments. “As we look to the future, users can expect to see a deepened commitment to supporting small businesses through enhanced payments and financial services offerings that will propel them through this difficult period and support ongoing growth,” said Soelistyo.

In the grocery segment, Gojek increased the support of small stores with the launch of the B2B platform GoToko in September. It offers logistic services, monitors order history, and tracks shipments, inventory management, sales, as well as financial data.

Where Gojek will certainly face a tougher environment is the digital payment space. After a previous investment in e-wallet Ovo, rival Grab also backed payment app LinkAja, adding further strength to its market position.

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