Patrick Walujo, CEO of GoTo Group, has committed to leading the Indonesian tech company through 2029. The announcement underscores the progress he has made in steering the company toward profitability, with GoTo reporting a positive adjusted EBITDA in late 2023 and strong growth metrics into 2024.
Under Walujo’s leadership, the company saw a 74% increase in the group’s core gross transaction value (GTV) year-on-year, reaching IDR 72 trillion (USD 4.4 billion) in the third quarter of 2024. Gross revenue grew 34% to IDR 4.7 trillion (USD 290 million), while monthly transacting users rose by 21%. These achievements mark significant strides for a company long scrutinized for its financial losses.
“My time here has given me great belief in the immense potential of our team, our vision, and our commitment to driving Indonesia’s digital transformation,” Walujo said. “As we look ahead to profitable growth, I am confident we can cement our position as the nation’s leading tech company.”
Walujo, a co-founder of private equity firm Northstar Group and a former Goldman Sachs banker, stepped into the CEO role midway through 2023. His appointment was seen as a move to leverage his financial expertise in stabilizing GoTo’s trajectory amid mounting investor pressure. GoTo was formed in 2021 from the merger of ride-hailing company Gojek and e-commerce giant Tokopedia but struggled to achieve profitability in the years following its IPO on the Indonesia Stock Exchange.
GoTo’s profitability pursuit comes as its regional rivals like Shopee and TikTok Shop gain traction. Sea Group, the parent company of Shopee, reported its first quarterly profit in 2023 after implementing cost-cutting measures, including workforce reductions and salary freezes. Similarly, Indonesian e-commerce platform Bukalapak reached profitability in 2022.
GoTo’s journey has been more arduous. In 2022, the company faced a net loss of IDR 40.4 trillion (USD 2.5 billion), partly due to a goodwill impairment of IDR 11 trillion (USD 679.3 million) linked to its merger. Despite narrowing losses in recent quarters, the road ahead demands a careful balance of cost efficiency and ecosystem growth.
Walujo’s commitment to stay through 2029 is tied to a performance-based retention package approved by GoTo’s board of commissioners.