PT Gojek Indonesia (stylized in all lower case and stylized j as goȷek, formerly styled as GO-JEK) is an Indonesian on-demand multi-service platform and digital payment technology group based in Jakarta. Gojek was first established in Indonesia in 2009 as a call center to connect consumers to courier delivery and two-wheeled ride-hailing services. Gojek launched its application in 2015 with only four services: GoRide, GoSend, GoShop, and GoFood. Valued at US$10 billion today, Gojek has transformed into a super app, providing more than 20 services. Gojek operates in 4 countries: Indonesia, Singapore, Thailand, and the Philippines (through the acquisition of Coins.ph). Gojek is the first Indonesian unicorn company as well as the country's first "decacorn" company. It is the only company in Southeast Asia that is included in Fortune's "50 Companies That Changed the World" in 2017 and 2019, ranked at 17 and 11, respectively. As of June 2020, it has about 170 million users throughout Southeast Asia. On 17 May 2021, Gojek and Tokopedia announced the completion of their merger and established a new holding company, called GoTo. Gojek has won financial backing from investors including Astra International, Blibli, Google, Facebook, PayPal, Mitsubishi, Sequoia, Northstar Group, Temasek Holdings, KKR, Warburg Pincus, Visa, Parallon, Siam Commercial Bank, Tencent, JD.com, meituan.com, and Capital Group, among others.
History
The name Gojek comes from the term “Ojek” or motorbike taxis commonly found throughout Indonesia. It was founded in 2010 with 20 motorbike drivers. Gojek app was launched in January 2015, and in less than two years, the app racked up nearly 30 million downloads. Gojek has partnered with Singapore's biggest bank DBS. Gojek was co-founded by Nadiem Makarim and Michaelangelo Moran. Nadiem, a native Indonesian, holds degrees from Brown University and Harvard Business School. He worked at McKinsey and Co. consulting for three years before starting Gojek from a tiny call centre with only 20 ojek drivers, who later became recruiters. As a loyal ojek user, Nadiem discovered that ojek drivers spend most of their times waiting for customers, while customers waste time walking around looking for an available ojek. Gojek was built to solve this problem, by providing a platform where drivers and riders can connect efficiently and allowing those drivers to improve their income. The other co-founder and long time high school friend, Michaelangelo Moran, aside from serving as the company's Brand Director, is also known for designing the company's first iconic logo and branding the whole company. As of May 2018, the app offers 18 services, with 2 upcoming new services in the online content business, which makes for a total of 20 on-demand services under one platform. Being an Indonesian-run startup played to Gojek's advantage in navigating the local regulatory environment, as well as understanding the local market. This enabled them to bundle features into its app that better suit both local drivers and local consumers. Gojek recruited 100 new graduates in engineering domain from India in 2017. In 2020, the company launched GoStore, a solution that helps local micro, small, and medium-sized enterprises (MSMEs) set up online stores with ease.
Financing Gojek's journey in becoming a unicorn startup started in late-2014 when it secured its first financing round from NSI Ventures (now Openspace Ventures), the venture capital fund in the Northstar Group. Due to rapid growth in early 2015, Gojek attracted additional investments from Sequoia India and Northstar's private equity fund. After closing a round of funding in August 2016 that raised up to $550 million, two of Indonesia's biggest companies, Astra International, and Blibli.com, invested in Gojek. International investors include tech giants such as American firm Google and Chinese Tencent, along with the global investment company Temasek. A survey revealed Gojek as the most popular ride-hailing app in Indonesia. The company is valued at about $5 billion as of February 2018, which exceeds the total market cap of all transportation companies in Indonesia Stock Exchange (IDX). In May 2018, it was announced that Gojek is investing $500 million towards its international expansion strategy. In January 2019, the startup closed another round of financing for $2 billion. The total valuation of the company reached $9.5 billion. In March 2020, Gojek announced it has received $1.2 Billion in funding for its Series F round. The valuation it was seeking for was U$10 Billion USD. In June 2020, Facebook's messaging platform WhatsApp and PayPal announced they had invested in Gojek as part of the ongoing fundraising round. The size and nature of the investments were not disclosed, but they were described as "meaningful".
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