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GoTo posts 54% growth in gross revenue for 1QFY2022 in first quarterly report since IPO

Khairani Afifi Noordin
Khairani Afifi Noordin5/30/2022 07:14 PM GMT+08  • 2 min read
GoTo posts 54% growth in gross revenue for 1QFY2022 in first quarterly report since IPO
Adjusted EBITDA loss for FY2021 widened to INR16.2 trillion, compared with a loss of INR13 trillion in FY2020. Photo: GoTo
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Indonesia’s new economy giant GoTo has posted 53% growth in gross revenue for 1QFY2022 ended March 31 at INR5.2 trillion ($500 million) from the INR3.4 trillion recorded in 1QFY2021.

In its first quarterly report since its debut on the Indonesia Stock Exchange last month, the company said its take rate has increased from 3.5% to 3.7% due to better monetisation in e-commerce and on-demand segments.

Gross transaction value (GTV) grew 46% y-o-y to INR140 trillion from the INR96 trillion reported in the previous corresponding quarter.

In 1QFY2022, GoTo’s adjusted EBITDA losses narrowed by 14 percentage points to INR5.4 trillion from INR6.2 trillion in the previous quarter. This compares with a loss of INR9.1 trillion in 1QFY2021.

For FY2021 ended Dec 31, GoTo recorded 44% growth in gross revenue at INR17 trillion. Meanwhile, GTV grew by 40% y-o-y to INR461.6 trillion.

Adjusted EBITDA loss for FY2021 widened to INR16.2 trillion, compared with a loss of INR13 trillion in FY2020.

See also: Banyan Tree announces improved earnings in business update

GoTo group CEO Andre Soelistyo said the company saw 37% y-o-y growth among pro forma annual transacting users who transacted on both Gojek and Tokopedia in 2021, following initiatives that encourage usage between each of its platforms.

“As markets open up further, it will be especially important to continually improve and integrate our core products to ensure we are meeting the needs of our growing customer base across on-demand, e-commerce and financial technology services,” said Soelistyo.

Shares in GoTo closed INR2 higher or 0.64% up on May 30 at INR314.

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