Indonesian ride-hailing unicorn Go-Jek is on its way to becoming an everyday super-app in Indonesia (and Southeast Asia). Established in 2010, the company raised billions of dollars to accelerate its growth over the past couple of years and is now considered to be worth close to US$10 billion.
The person most closely associated with the company is of course co-founder and CEO Nadiem Makarim. But alongside Makarim, co-founders, board members, and other important shareholders shape the company’s direction.
Venture builder MomentumWorks recently shared some information it obtained about the company’s management and shareholding structure. MomentumWorks said the information was circulated while Go-Jek was piecing together its latest fundraising round. It shows who’s who in the company’s structure. Go-Jek has a board of directors and a board of commissioners, in accordance with the dual governance structure that’s mandated by Indonesian law.
According to MomentumWorks, this is the structure of the board of directors:
Founders
- CEO and founder Nadiem Makarim who holds 58,416 shares, accounting for 4.81% of the total shares.
- Kevin Aluwi, Chief Information Officer (CIO) and co-founder, who holds 205 shares.
(Aluwi and Makarim have a history of working alongside each other and both attended Jakarta International School)
President director
- Andre Soelistyo (Indonesia), holding 3,357 shares.
Prior to joining Go-Jek, Andre served as an executive director of the private equity consortium Northstar Group and as a commissioner of the payment company Kartuku. Kartuku was acquired by Go-Jek in 2017 along with two other payment companies.
Other members of the board of directors
- Antoine de Carbonnel, who holds 1,923 shares..
Hailing from France, De Carbonnel has been serving as the Chief Commercial Officer of Go-Jek since 2016. Prior to this role, he was the President director of Kartuku.
- Hans Patuwo from Indonesia, holds no shares.
- Monica Lynn Mulyanto from Indonesia, holds no shares.
- Thomas Kristian Husted from Indonesia, holds no shares
Board of commissioners
The board of commissioners of Indonesian companies has many responsibilities, including reviewing the work plan of the board of directors and reviewing the company’s annual report before a shareholder meeting. It also exercises some of the powers of the shareholders, such as deciding on the remuneration and allowances of board members. It has the authority to suspend the duties of a member of the board of directors if necessary. CEO Nadiem Makarim is currently chairman of the board of commissioners and is the only one from the board of commissioners holding shares. The other members are:
- George Raymond Zage III (Singapore), CEO of Farallon Capital Asia.
- Ho Tak Chow (Singapore), Capital International from Capital Group.
- Jeffrey David Pearlman (Singapore), from the US private equity firm Hua Ping.
- Kusumo Martanto (Indonesia), CEO of Indonesian e-commerce BliBli.com, is also the COO of Djarum Group’s GDP Venture.
- Li Zhaohui (China), Managing Partner of Tencent Investment.
- Pandu Patria Sjahrir (Indonesia), who is the financial director of Indonesian coal mining company Toba Bara.
- Pradyumna Agrawal (Singapore) from Temasek.
- Prijono Sugiarto (Indonesia), from Astra International, Indonesia’s largest diversified investment holding group.
Shareholders
Go-Jek is registered as PT Aplikasi Karya Anak Bangsa. The official record of paid-up capital is nearly IDR 446 billion (about US$30 million). The report also showed that Go-Jek has raised 12 rounds of funding so far, which slightly diverges from media reports that often bundle multiple rounds into major funding milestones.
This is the current major shareholder and shareholding ratio according to the official registration information of Go-Jek as shared by Momentumworks. Similar information and a list of all officially recorded funding rounds from series A-L have also recently been shared by market entry consulting firm Emerhub.
Note: This information only pertains to the structure of Go-Jek’s legal entity PT Aplikasi Karya Anak Bangsa, and does not cover Go-Jek’s subsidiaries or other affiliated legal entities. The ongoing rounds (K and L) are also not yet included in the table above.
Editor: Nadine Freischlad