Heri Wahyudi

K3-2017
 HISTORY
GO-JEK is a technology startup based in Jakarta, Indonesia that specialises in ride-hailing and logistics. It is
Indonesia's first unicorn company, which is also the only company in South East Asia that is included in Fortune's 50
Companies That Changed the World in 2017, and ranked at 17 along with Apple (3rd), Unilever (21st), and Microsoft
(25th). The company is valued at about $5 billion as of February, 2018, As of November 2018, GO-JEK has operation in
Indonesia, Vietnam, Singapore, Thailand and Philippines.

GO-JEK ranks in Top 10 most Powerful Brands in Indonesia[8] and Top 3 Most Powerful
Transportation/Logistic Brands. Go-Jek has investment in Pathao, which is a ride hailing company of Bangladesh. Go-Jek
has won financial backing from investors including Google, Singapore's sovereign wealth fund Temasek and Chinese
internet giant Tencent. In May 2018, it was announced that GO-JEK is investing $500 million towards its international
expansion strategy. Gojek recruited 100 new graduates in engineering domain from India in 2017.
 The name GO-JEK comes from the term “Ojek” or motorbike taxis commonly found
throughout Indonesia.Founded in 2010 with 20 motorbike drivers, its fleet now exceeds 1 million drivers

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and offers 18 app-based on-demand services as of May 2018. GO-JEK app was launched in January 2015,
and in less than two years, the app racked up nearly 30 million downloads. Go-Jek has partnered with
Singapore's biggest bank DBS.

GO-JEK was founded by Nadiem Makarim, a native Indonesian, who holds degrees from
Brown University and Harvard Business School. He worked at McKinsey and Co. consulting for three
years before starting GO-JEK 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 time waiting for customers,
while customers waste time walking around looking for an available ojek. GO-JEK 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.

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 GO-JEK’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 suits
both local drivers and local consumers.
 Financing
GO-JEK's journey in becoming a unicorn startup started in mid-2014, when its rising popularity resulted in raising a higher than
targeted $1.5 billion in a fundraising round from several investors including Sequoia Capital, Temasek holdings, KKR,Tencent, Meituan-
Dianping, Warburg Pincus, Northstar Group,Farallon Capital Management LLC, Capital Group Cos, DST Global, JD.com Inc.and NSI Ventures.
By 2018, two of Indonesia’s biggest and highly reputable companies, PT Astra International Tbk, and PT Global Digital Niaga (GDN), a
subsidiary of PT Global Digital Prima (GDP) Ventures, Djarum group investment company also invested in GO-JEK. The US search firm, Google
also made direct investment. This solidified GO-JEK's status as a "unicorn" startup, and it became the most valuable startup in all of Indonesia. It
has also mentioned interest in exploring the possibilities of becoming the first-billion dollar startup to hold an initial public offering, with no
specific time frame.

After closing a round of funding in August 2016 that raised up to $550 million, two of Indonesia’s biggest companies, PT Astra
International Tbk, and PT Global Digital Niaga (GDN), a subsidiary of PT Global Digital Prima (GDP) Ventures, Djarum group, invested in GO-
JEK. International investors include tech giants such as US search engine Google and China’s Tencent, along with the global investment company
Temasek. A survey revealed GO-JEK 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 IDX.
 Acquisitions and Partnerships
The company's rapid growth triggered a chain of acquisitions and partnerships. In 2016
GO-JEK announced acquisition of two engineering startups based in India, C42 Engineering and
CodeIgnition, and established a development centre in Bangalore, India. They also acquired
Leftshift, an Indian mobile application developer, and Pianta, an Indian home healthcare startup.

In 2017, it acquired Loket.com, one of Indonesia’s biggest online ticket booking and
event management system company. In the same year, it acquired three large network fintech firm
in Indonesia; Kartuku, Midtrans, and Mapan, in order to expand its payments business.
 In 2016, it announced collaboration with Blue Bird, a major Indonesian taxi company. The same
year it launched GO-CAR, expanding ride-hailing from motorbike fleet to cars, and launched GO-AUTO,
providing on-demand mechanic services. By August 2016, it officially become Indonesia's first online
transportation system.

In running their GPS, it partnered with Google Maps. Other partnerships include entertainment;
Google Play, MNC Vision, Okevision, TOP TV. Bill Payment; AEON Credit Service & Suzuki Finance
Indonesia. And the national electricity provider PLN, as well as the national health insurance BPJS Kesehatan.
GO-JEK deviated from the demand-dictates-supply business logic and focused first on growing its fleet, utilizing
their existing drivers to do street-fair-style recruitment at basketball stadiums.
 Employees and Impact
A research study reports that the average income of full-time driver partners (Rp 3.48 million per month) is
1.25 times higher than the average minimum wage in Indonesia (Rp 2.8 million per month). The average income of driver
partners (Rp 3.31 million) is higher than professional employees in general (Rp 3.10 million for transportation sector
employees; Rp 2.34 million for industrial sector employees; Rp 2.66 million for staff employees). As per Temasek
Digital's YouTube channel, GO-JEK has contributed an estimated IDR$9.9 trillion (US$732 million) annually to the
Indonesian economy.

GO-JEK has more than 3,000 employees, including 210 engineers in its three Jakarta-based headquarters, a
data science office in Singapore, and the engineering facility in India. The company announced $500 million investment
to expand in South East Asia, starting with ride-hailing service in 4 new countries mid-2018. This expansion will add to
their number of existing partners, which as of May 2018 includes a fleet of over 1,000,000 drivers, 125,000 merchants for
GO-FOOD, and 30,000 professionals for their GO-MASSAGE, GO-GLAM, GO-CLEAN and GO-AUTO service.