Indonesia’s hitherto nascent tech scene made a roaring debut on the global IPO scene with last year’s (2022) GoTo (Gojek + Tokopedia) listing on Indonesia Stock Exchange (IDX).1 Valued at US$1.1 billion, it was an indisputable claim for global unicorn status for Indonesia’s most ubiquitous ride hailing, e-services, and mobile commerce company.
Not only was it one of the largest listings in the world, but it was also easily Indonesia’s biggest and most modern financial play to date. GoTo Indonesia is a true “Tech Unicorn”2 – announcing itself on the global stage!
Attracting attention, far and wide including Temasek Holdings, Tencent, Abu Dhabi Investment Authority, Google, Warburg Pincus and Fidelity International, the GoTo listing was a landmark event for IDX with an estimated 300,000 investors – institutional and retail – participating in the bourse listing.
This listing is momentous for the nation for several reasons. It marks almost two decades long development of the start-up and tech scene in Indonesia. While validating the quality of Indonesian innovation and technology, it also presented a sneak peek into the potential of the country’s digital future.
The GoTo listing and subsequent organisation represents all that is unique about the Indonesian digital psyche – an idiosyncratic blend of the absolute cutting-edge mobile, cloud, and AI technologies with the nation’s most fundamental cultural ethos.
In launching the listing, GoTo implemented the “Gotong Royong Share Programme”: an unabashedly Indonesian approach to sharing success with the “village” – allocating shares to its drivers, riders, merchants, and other similar partners to ensure community level support, branding and adoption.
The listing also boosted Indonesia’s Start-up Ecosystem, signaling the potential of the digital economy, the tech start-up and ecosystem – providing encouragement for local startups to aim for lofty global goals.
The media coverage in Indonesia has been demonstrably effusive3 and proud. It has captured the imagination of the national press but at the same time, there has been measured response to the retail euphoria. The media are well aware that Indonesia’s digital infrastructure requires significant investment, ensuring the rural provinces of the country are included in the access to the internet4, mobile commerce, and communications.
Regardless, this is one to celebrate and recognise that the country has truly arrived as a digital state. The population has adopted e-services, mobile commerce, and digital payments with gusto with Indonesia’s digital economy expected to grow to US$160 billion in 2030 from US$62 billion in 2023.5
The communications landscape in Indonesia is developing and growing6 in tandem with the digital needs of the population and the country. As Indonesia sprints to catch up with the other mobile-first markets of the world including China, Vietnam, India, and Latin America, the pressure on the media and publications to be relevant is significant. They have to pivot and be cognizant of the fact that they are being measured by different standards. An interesting one to watch – GoTo and the Indonesian media scene.
#GotongRoyongIndonesia, #DigitalIndonesia #GoToListing #GoToUnicorn
References
