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While Indonesia's digital economy is predicted to rise to $124 billion by 2025, according to a 2020 research by Google, Temasek Holdings, and Bain & Company, the country's 18,000 islands are spread across a region larger than the European Union, making it highly costly.
As rivals bulk up in the fast-expanding market, Indonesian ride-hailing and payments provider Gojek and e-commerce leader Tokopedia are merging to form GoTo, a multi-billion dollar internet corporation. Gojek, based in Jakarta, is an Indonesian on-demand multi-service and electronic payment tech company.
Gojek - Company Highlights
| Company Name | Gojek |
|---|---|
| Also known as | Aplikasi Karya Anak Bangsa |
| Parent Company | GoTo |
| Headquarters | Jakarta, Indonesia |
| Industry | Technology |
| Founded | 13 October 2010 |
| Founders | Nadiem Makarim, Kevin Aluwi and Michaelangelo Moran |
| Areas Served | Indonesia, Vietnam, Thailand, Singapore, Philippines, India, and Malaysia |
| Website | www.gojek.com |
Gojek - Latest News
About Gojek and How it Works?
Gojek - Name, Logo and Tagline
Gojek - Mission and Vision
Gojek - Founder and History
Gojek - Products
Gojek - Business Model
Gojek - Revenue and Growth
Gojek - Partnerships
Gojek - Funding and Investors
Gojek - Investments
Gojek - Acquisitions
Gojek - Awards and Recognitions
Gojek - Competitors
Gojek - Challenges Faced
Gojek - Future Plans
Gojek - FAQs
Gojek - Latest News
As of May 2021, Indonesian ride-hailing and payments provider Gojek and e-commerce leader Tokopedia are merging to form GoTo, a multi-billion dollar internet corporation.
The merged company will be Southeast Asia's largest privately-owned technology enterprise, spanning online shopping, courier services, ride-hailing, food delivery, and other services. By the end of 2021, it intends to go public in Indonesia and the USA. The firms claimed in a joint statement that their previous aggregate worth was $18 billion, based on fundraising in 2019 and early 2020.
The combination of Gojek and Tokopedia, both of which are backed by global heavyweight investors, comes amid increased competition in Southeast Asia's ride-hailing and food-delivery businesses. Food delivery, e-commerce, and e-payments are all on the rise as a result of the pandemic's forced confinement.
About Gojek and How it Works?
Gojek (also known as Aplikasi Karya Anak Bangsa) is a company that creates on-demand smartphone apps for ride-hailing and a number of other services. The company's app offers services such as transportation and logistics, food ordering and delivery, digital payment, shopping, news, and entertainment, among others, allowing customers to access travel, logistical support, and a variety of other activities with only a few taps on their smartphones.
Gojek started out as a call center in Indonesia in 2010, connecting customers with courier delivery and two-wheeled ride-hailing businesses. GoRide, GoSend, GoShop, and GoFood were the only 4 services available when the app was first released in 2015.
Gojek, which is now valued at $10 billion, has evolved into a super app that offers over 20 different services. GO-Academy, a software development training program, is also part of the corporation.
Gojek - Name, Logo and Tagline
Because the company's name is derived from the Indonesian word Ojek, which means "motorbike," the online service's first logo portrayed a man riding a motorbike.
Michaelangelo Moran, the co-founder, is also noted for designing the firm's first distinctive logo and branding the entire company, in addition to working as the business's Brand Director.
Gojek introduced its new company logo on July 22, 2019. Gojek's s new brand logo, dubbed "Solv," symbolizes the company's evolution from a ride-hailing service to a super app that offers a number of clever methods to minimize difficulties.
The Gojek brand was introduced with the tagline 'Cerdikiawan.' Cerdik connotes dexterity and a positive sense of time. It reflects, according to the creators, how the company solves problems for Indonesia despite the challenges it faces.
Gojek - Mission and Vision
Gojek' s mission statement states, "Gojek is dedicated to creating and scaling up positive socio-economic impact on the ecosystem of users, driver-partners, business and micro-small-medium enterprise partners, as well as service providers."
Gojek - Founder and History
Founded in 2010 with 20 motorcycle riders, the company now has a fleet of over 1 million drivers and, as of May 2018, offers 18 app-based on-demand services. The Gojek app was released in January 2015, and it has approximately 30 million downloads in less than two years. Gojek has teamed up with DBS, Singapore's largest bank.
Nadiem Makarim, Kevin Aluwi and Michaelangelo Moran co-founded the company Gojek. Nadiem holds degrees from Brown University and Harvard Business School and is an Indonesian native. He spent three years at McKinsey and Co-consulting before founding Gojek, which began as a small phone center with just 20 ojek drivers who ultimately became recruiters.
Nadiem noticed as a frequent ojek user that ojek drivers spend the majority of their time waiting for passengers, while clients waste time walking around looking for an open ojek. Gojek was created to address this issue by creating a platform that allows drivers and riders to connect quickly and earn more money.
Gojek' s edge in negotiating the local regulatory framework and understanding the local market stemmed from the fact that it was founded and controlled by Indonesians. As a result, they were able to include features in their app that benefit both local drivers and local consumers. In 2017, Gojek brought on board 100 additional engineering graduates from India.
Gojek - Products
- Go-Pay is the fourth largest e-wallet service in Indonesia.
- GoRide is Indonesia's first online motorbike taxi service.
- Go-Car is a car ride-hailing service.
- Customers can use the Go-Blue Bird app to request Blue Bird cabs.
- GoFood is an instant meal delivery service in Indonesia with over 250,000 merchants. Go-Food Festival is a Go-Food-branded offline food-court concept that sells food and beverages from Go-Food vendors.
- Go-Mart is an app that allows you to shop for groceries at supermarkets that are listed in the Gojek app.
- Go-Shop, like Go-Mart, allows users to buy items from stores that aren't listed in Go-Mart.
- Go-Transmit is an on-demand courier service that allows you to send things and documents inside a single delivery zone with no distance restrictions.
- For moving heavy products utilizing pickup trucks, single-axle trucks, and single-axle box trucks, Go-Box is identical to Go-Send.
- Go-Tix is a mobile app that sells entertainment tickets.
- Go-Med is a mobile app that offers a medication delivery service, has teamed up with HaloDoc to develop the “Apotik Antar” functionality.
- Customers can request a personal masseuse with Go-Massage.
- Go-Clean is a professional house cleaning service that operates through an app.
- Go-Glam is a personal hairdresser app that also offers nail care, waxing, and facial services.
- Go-Auto is an app-based auto maintenance service that includes car cleaning and emergency repairs.
- Go-Pulsa is a phone credit top-up service that operates through an app. Only
- Go-Pay can be used to pay for Go-Pulsa.
- Go-Bills is a service that allows you to pay your PLN electricity bills, buy PLN electricity tokens, and pay your BPJS insurance premiums all in one place.
- Gojek's loyalty program is called Go-Points. Each transaction earns the user a token, which they can exchange for prizes in the app.
- Go-Play & Go-Studio: The company announced plans to enter the Internet content market through Go-Play, a video streaming service, and Go-Studio, a production firm. In September of this year, GoPlay will formally start its service.
- Go-Pertamina is an on-demand fuel delivery service in conjunction with Pertamina, Indonesia's largest oil company. It delivers fuel from the nearest Pertamina gas station to users.
- Go-Nearby is a directory service that connects Go-Food merchants with clients of Go-Jek.
Gojek - Business Model
The Gojek business model works on:
- Commissions from Companies - Several businesses join Gojek in order to benefit from its seamless operation and increased sales. Gojek, in turn, takes a modest commission on each successful order placed through the app.
- The consumers' commission - Gojek is a one-stop shop for its customers, offering a convenient answer to a wide range of issues. It avoids the hassle of having to switch between apps to meet various demands. Gojek also charges a little price on each order for this service, which users are happy to pay in exchange for Gojek' s convenient and trustworthy services.
- The Drivers' Commission - For each order they deliver, individual drivers or delivery partners with Gojek pay a tiny commission to the platform. Given the benefits that the platform provides to drivers, a tiny commission fee seems like a good deal.
Shubham Kumar
Gojek - Revenue and Growth
Gojek' s adventure has been incredible. Over the last few years, the startup has experienced significant growth.
Gojek reported that the value of its annualized gross transaction value in 2020 will be USD 12 billion, up 10% from 2019. The year 2020 saw an almost threefold increase in GoPay transactions and the pay-later services.
“What is suddenly booming is our online investment feature, probably because people find it easy to access,” said Gojek’s co-CEO Andre Soelistyo.
The company's grocery service showed a fivefold spike in annualized GTV, indicating that more people are relying on it for shopping during the pandemic. The number of merchants registered with GoFood surged by 80% to 900,000. This year, Gojek did not reveal which vertical contributed the most to its revenue.
Gojek - Partnerships
It established a partnership with Blue Bird, a large Indonesian taxi firm, in 2016. It also launched Go-Car, which expanded ride-hailing from motorcycles to vehicles, and Go-Auto, which provides on-demand mechanic services, in the same year. It was Indonesia's first online transportation system by August 2016.
It teamed with Google Maps to handle their GPS. Entertainment, Google Play, and MNC Vision are among the other collaborations. Suzuki Finance Indonesia, AEON Credit Service, and Bill Payment PLN, the national electricity supplier, and BPJS Kesehatan, the national health insurance provider.
Gojek is teaming up with Unilever in September 2020. Gojek has partnered with Unilever through the freshly launched GoToko as part of this relationship. GoToko is a B2B digital platform that connects Indonesian MSMEs with global consumer products corporations.
Gojek - Funding and Investors
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| May 10, 2021 | Corporate Round | $300M | Telkomsel |
| Nov 17, 2020 | Corporate Round | $150M | Telkomsel |
| Jun 3, 2020 | Series F | $375M | Facebook, PayPal |
| Mar 10, 2020 | Series F | $1.2B | Mitsubishi Corporation, Mitsubishi Motors, Mitsubishi UFJ Financial Group, Visa |
| Mar 4, 2019 | Series F | $100M | PT. Astra International Tbk |
| Oct 30, 2018 | Series F | $920M | Google, JD.com, Tencent |
| Feb 12, 2018 | Series E | $1.5B | Tencent |
| Aug 4, 2017 | Series E | - | - |
| Aug 4, 2016 | Series D | $550M | Kohlberg Kravis Roberts, Warburg Pincus |
| Apr 1, 2016 | Series C | $170M | - |
Gojek - Investments
| Date | Organization Name | Round | Amount |
|---|---|---|---|
| May 12, 2021 | MPPA | Post-IPO Secondary | IDR144.9B |
| Mar 9, 2021 | LinkAja | Series B | - |
| Dec 18, 2020 | Jago | Post IPO-Equity | $160M |
| Feb 17, 2020 | Blue Bird Group | Corporate Round | $30M |
| Jan 29, 2020 | ZULU | Corporate Round | - |
| Jul 1, 2019 | rebel Foods | Series D | $125M |
| May 7, 2019 | Safeboda | Series B | - |
| Feb 3, 2019 | JD.ID | Venture Round | - |
| Oct 31, 2018 | escapex | Funding Round | - |
| Aug 10, 2018 | PasarPolis | Series A | - |
Gojek - Acquisitions
| Acquiree Name | About Acquiree | Date | Amount |
|---|---|---|---|
| WePay | WePay is an online payments services provider. | Sep 14, 2020 | - |
| Moka | Moka is an Indonesian fintech startup that focuses on building mobile point-of-sale (mPOS) for small and medium businesses. | Apr 20, 2020 | $130M |
| AirCTO | AirCTO is an AI-powered recruitment platform that helps companies recruit top developers. | Jun 12, 2019 | - |
| Coins.ph | Coins.ph delivers financial services over mobile to people who are currently unserved by traditional banks. | Jan 18, 2019 | $72M |
| Promogo | Promogo is a platform that enables brands to advertise on the body of individually owned vehicles. | Sep 17, 2018 | - |
| PT RUMA | To increase dignity, income, and access for the poor through technology. | Dec 25, 2017 | - |
| Midtrans | Midtrans empowers eCommerce through technology. | Dec 15, 2017 | - |
| Kartuku | Kartuku is a third party processor and payment service provider delivering end-to-end, mission critical payment solutions in Indonesia. | Nov 15, 2017 | $50M |
| LOKET | LOKET is the first event management platform in Indonesia that gives the freedom of selling tickets on one's own website. | Aug 8, 2017 | - |
| Leftshift Technologies | We build loveable products for iOS and Android | Nov 8, 2016 | - |
Gojek - Awards and Recognitions
Gojek is the only firm from Southeast Asia to reach Fortune's list of "56 Companies That Changed the World" for 2017. Gojek was the first Southeast Asian firm to be named twice in Fortune's Top 50 Firms That Changed The World list, rising to number 11 out of 52 global companies in 2019.
Other international honors include the Top Performer in ASEAN Award in 2017, Ernst & Young's Entrepreneur of the Year Award, and the Superior Products and Services Award in 2016.
Among the national honors are -
- Top 15 Most Valuable Indonesian Brands 2019,
- Top 3 Brand Performer and Top 3 Most Powerful Transportation/Logistic Brands,
- Top 3 Netizen Choice in Online Transportation,
- The BrandZ Top 15 Most Valuable Indonesian Brands 2019,
- The BrandZ Top 15 Most Valuable Indonesian Brands 2019,
- The BrandZ Top 15 Most Valuable Indonesian Brands 2019,
- The BrandZ Top 15 Most Valu Best Indonesia Mobile App 2015,
- Best Startup Category Work Life Balance,
- Most Admired CEO in Indonesia 2017, and
- Most Creative in Solving Economic Challenges 2017.
Gojek - Competitors
The top competitors in Gojek's competitive set are Lyft, Grab, Uber, ComfortDelGro, Gett, MOIA, Ryder, Easy Taxi Services, and Space Neobank.
ATHUL C K
Gojek - Challenges Faced
Grab has dominated the ride-hailing sector in Singapore since the Grab-Uber merger. Grab will have to enhance its service quality now that Gojek, an Indonesian startup, has joined the Singapore market. One of the biggest issues Gojek is facing is a driver shortage, as many self-employed drivers are now listed with Grab.
Gojek is looking forward to organize driver recruitment efforts and offer larger incentives to potential drivers in order to overcome this. Allowing drivers to withdraw money from their virtual wallets is one of them, as is a points system that can be converted into cash and a minimum hourly wage.
Another issue that Gojek is dealing with is a lack of demand. With so many transportation alternatives in Singapore, Gojek will have to rethink its product to stand out from the crowd. To address this, Gojek will need to expand its service offerings, such as its proposal to offer housecleaning services.
Gojek's quick expansion and market dominance have sparked widespread media attention, as well as criticism from traditional taxi and ojek providers. The Minister of Transportation briefly stopped Gojek and other ride-hailing firms from operating. The restriction was met with widespread opposition, with the hashtag #SaveGojek becoming Indonesia's most popular trending subject on Twitter.
The ban was removed the same day when President Joko Widodo denounced it, saying that the government should not limit innovation and that the prohibition will have a negative impact on the lives of many Indonesians who rely on Gojek's services. Budi Karya Sumadi, Indonesia's Minister of Transportation, enacted a new regulation for online taxis in October 2017. The former PM 26, which regulated the use of private cars for public transportation, was replaced by PM 108.
Gojek - Future Plans
A new ride-hailing service has launched. Gojek plans to expand its operations outside of Indonesia this year, according to co-CEO Kevin Aluwi.
“Over the last few years, we’ve definitely invested relatively smaller amounts in our markets outside of Indonesia. But, we think this is the year where we really want to spread our wings and be a regional and global business,” Aluwi, founder of Gojek, added.
Gojek began as a ride-hailing service in Indonesia in 2010 and has subsequently expanded into food delivery, digital payments, and logistics. It now has a presence in over 200 cities across five Southeast Asian nations, with Indonesia remaining its most important market.
Aluwi also declined to comment on "merger speculations," saying Gojek's priority is to grow its business. Gojek is “extremely optimistic” about 2021, he added.
“We do think that 2021 is going to be a growth year and, more importantly, we spent 2020 really investing in a lot of the business and product and operational fundaments, such that profitability and long-term sustainability looks meaningfully better year-over-year,” he said.
Gojek - FAQs
What does Gojek do?
Gojek is a company that creates on-demand smartphone apps for ride-hailing and a number of other services. The company's app offers services such as transportation and logistics, food ordering and delivery, digital payment, shopping, news, and entertainment, among others, allowing customers to access travel, logistical support, and a variety of other activities with only a few taps on their smartphones.
Which country is Gojek based in?
Gojek is an Indonesian company.
Who founded Gojek?
Nadiem Makarim, Kevin Aluwi and Michaelangelo Moran co-founded the company Gojek.
How does Gojek make money?
On each successful order placed using the app, Gojek charges a tiny commission fee. Gojek is a one-stop-shop for its customers, offering a convenient answer to a wide range of issues. It saves time by eliminating the need to switch between apps to meet different demands.
Which companies do Gojek compete with?
The top competitors in Gojek's competitive set are Lyft, Grab, Uber, ComfortDelGro, Gett, MOIA, Ryder, Easy Taxi Services, and Space Neobank.
Author: Sarika Anand
Source : https://startuptalky.com/gojek-success-story/
Date : 2021-05-20T10:21:08.000Z