PT GoTo Gojek Tokopedia Tbk (GoTo Group), the largest digital ecosystem in Indonesia, posted a strong start to 2022, with year-on-year Q1 gross revenue growth of 53%, outpacing GTV growth of 46%, its filing showed.
Gross revenue for Q1 stands at Rp5.2 trillion and GTV at Rp140 trillion. Improvements in operating efficiency reflected in Q1 contribution margin and adjusted EBITDA margin improvements of 24 percentage points and 14 percentage points, respectively, compared to Q4 2021.
“We can look back on 2021 with pride in our resilience and excellence in execution, demonstrated by strong growth in each of our businesses and overall margin improvements. The formation of GoTo, through the combination of Gojek and Tokopedia, puts us in an even better position to serve customers. As we deepen integration of the businesses, we have been able to enhance operating efficiencies, create multiple cross-platform opportunities and invest for the future growth and profitability of GoTo,” said Andre Soelistyo, GoTo Group CEO.
The group saw strong performance across all three operating companies: On-demand services gross revenue grew 58% outpacing GTV growth of 44% year on year in Q1 2022, supported by recovery in mobility, as well as synergies from collaboration with Tokopedia; E-commerce gross revenue grew 53%, outpacing GTV growth of 28% year on year in Q1 2022; Q1 GTV exceeded Q4 2021 results, despite the first quarter typically being a seasonal low and the fourth quarter a seasonal high.
Financial technology services business also saw record GoPay users and GTV volumes. Q1 2022 on-platform volumes grew 200% year on year, while off-platform volumes grew by 74% in the same period. Strong year-on-year growth supported by a wave of new product initiatives.
“Our operating companies have performed strongly, and gained more benefits on the back of synergies in our ecosystem. We have focused on initiatives that encourage usage between each of our market-leading platforms,” Soelistyo added.
GoTo Group is the largest digital ecosystem in Indonesia. GoTo’s mission is to “empower progress” by offering technology infrastructure and solutions that help everyone to access and thrive in the digital economy.
The GoTo ecosystem consists of on-demand services (mobility, food delivery, and logistics), e-commerce (third party marketplaces + official stores, instant commerce, interactive commerce, and rural commerce), and financial technology (payments, financial services, and technology solutions for merchants) through the Gojek, Tokopedia, and GoTo Financial platforms.