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Big plans ahead for Gojek post-Nadiem, from IPO to international expansion

With Nadiem’s departure happening amid such big plans for Gojek, the new co-CEOs, both in their 30s, remain undeterred. Under the leadership of Kevin and Andre, Gojek’s user base is expected to shift to be half from Indonesia and half from its overseas presence, the co-CEOs briefed local media editors on Thursday. Today, Indonesian users’ share dominates at 80 percent

Esther Samboh and Riska Rahman (The Jakarta Post)
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Jakarta
Mon, October 28, 2019

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Big plans ahead for Gojek post-Nadiem, from IPO to international expansion Go-Jek drivers in this illustration photo. (JP/Dhoni Setiawan)

F

or Gojek, having grown from a delivery call center with 20 motorcycle taxi (ojek) drivers in Jakarta to a US$10 billion technology company backed by heavyweights Google, Tencent, Visa, Astra within nine years, the only constant is change.

But the latest change may well be the biggest in Gojek’s history so far. The company will be led by two co-CEOs, Kevin Aluwi and Andre Soelistyo, after cofounder Nadiem Makarim stepped down to join the government as education and culture minister for President Joko “Jokowi” Widodo’s administration from 2019 to 2024.

The change came as Gojek was on its way to expand its international operations, with licenses to operate in Malaysia and the Philippines still unsecured as of yet and fundraising efforts ongoing for overseas expansion plans. It now operates in Indonesia, Singapore, Thailand and Vietnam.

Gojek, which currently handles 2 billion transactions per year with 2 million drivers and 400,000 merchant partners, aims to raise more than $2 billion in a funding round before the end of this year with interests from tech heavyweights Google and Tencent, auto giants Mitsubishi and Astra International, as well as United States payments company Visa and Asian life insurer AIA.

With Nadiem’s departure happening amid such big plans for Gojek, the new co-CEOs, both in their 30s, remain undeterred. Under the leadership of Kevin and Andre, Gojek’s user base is expected to shift to be half from Indonesia and half from its overseas presence, the co-CEOs briefed local media editors on Thursday. Today, Indonesian users’ share dominates at 80 percent.

Read also: Go-Jek’s rebranding signifies fresh ambitions

In an effort to going global, the new chiefs also shared their vision for the on-demand services company — which handles ride-hailing to beauty services and ticketing to cleaning with $9.5 billion transactions per year — to go public and offer their shares in an initial public offering (IPO) in two countries, including Indonesia.

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