Latest news with #GoTo
Independent Singapore
31-07-2025
- Automotive
- Independent Singapore
Grab posts US$20M profit in Q2, rebounding from US$68M loss as revenue beats forecasts
Depositphotos/Piter2121 Grab Holdings rebounded from a US$68 million (S$88.24 million) loss in the same period last year with this year's US$20 million profit. The company's second quarter (Q2) revenue of US$819 million beat analysts' expectations of US$811.3 million, Reuters reported, citing LSEG data. This came as consumer spending rose across its ride-hailing and food delivery services despite global economic uncertainty. Grab CFO Peter Oey told Reuters that affordability has been key in driving the business' growth. 'What we're seeing is that the more you make our products more affordable, it drives that growth, and it also shields us from some of the macro that you're seeing across the globe,' he said. The company said it's been working to attract price-sensitive consumers to its ride-hailing service while expanding its driver pool to meet rising demand. The company also highlighted strong growth in Indonesia, a market it once called underpenetrated, and is looking to tap into the country's large population to expand its share. Mr Oey said Indonesia is already profitable and that the company plans to double down on investing there. When Reuters asked about the company acquiring smaller Indonesian rival GoTo, Mr Oey reiterated it is not in discussions with the latter. In a stock exchange filing in early June, Grab denied media reports of a possible merger with the Indonesian tech firm, stating: 'The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements.' /TISG Read also: Grab rolls out first EV fleet of seven-seater BYD M6 MPVs for KLIA transport services Featured image by Depositphotos (for illustration purposes only) () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Nikkei Asia
29-07-2025
- Business
- Nikkei Asia
Indonesia's GoTo and Indosat launch home-grown AI chat tool
Indonesia's GoTo and Indosat have launched home-grown generative AI that supports local languages. (Photo courtesy of Indosat) TOMOYUKI OSHIKIRI JAKARTA -- Indonesia's IT giant GoTo and major telecom Indosat Ooredoo Hutchison have launched the nation's first home-grown, full-scale, generative artificial intelligence service supporting local languages. GoTo Group CEO Patrick Walujo said the launch marks a "major leap forward in building a uniquely Indonesian AI ecosystem," speaking at a ceremony held in Jakarta in June.
New Straits Times
25-07-2025
- Business
- New Straits Times
Grab's GoTo acquisition back on: Sources
KUALA LUMPUR: Nasdaq-listed Grab's plan to buy Indonesia's GoTo to create a dominant Southeast Asian ride hailing and food delivery company is back on. Sources said this follows Grab's announcement of a US$1.25 billion issuance of convertible bonds. "Grab is gearing up for something big. The bond issuance is a signal that the company is preparing for a major expansion," one source said. "Indonesia is the natural next frontier - huge consumer base and a mobile-first population." Reuters reported in May that Grab was looking to strike a deal to buy GoTo in the second quarter of 2025 and had hired advisers to work on the proposed acquisition. A deal could value GoTo at around US$7 billion. Last month, Grab said it stood by its previous statement that it was not involved in any discussions for a potential transaction with GoTo and had not entered into any definitive agreements. The sources said the timing could not be better. "GoTo is facing its own problems because the Indonesian Attorney General's Office is investigating a corruption probe connected to the Ministry of Education's procurement of Chromebooks. "GoTo itself is not implicated but the investigations may weaken the resolve of the Indonesian champion. "In short, the stars are aligning - Grab has the capital, the momentum and now, a window of opportunity, to make its move in Indonesia," the source added. GoTo is 73.9 per cent-owned by foreign investors, including SoftBank Group and Taobao China Holding, a unit of China's Alibaba Group, with the rest owned by Indonesian investors, Reuters said, quoting its 2024 annual report. SoftBank's SVF GT Subco (Singapore) Pte Ltd and Taobao are GoTo's top two shareholders, holding 7.65 per cent and 7.43 per cent stakes respectively, the report showed.
Reuters
16-07-2025
- Business
- Reuters
Indonesia's GoTo says it respects ongoing legal process after reports authorities raided GoTo's office
JAKARTA, July 12 (Reuters) - Indonesian tech firm GoTo Gojek Tokopedia ( opens new tab said in a statement late on Friday that it respects the ongoing legal process and will be supportive of any efforts to uphold the law. GoTo's statement came after media reports saying Indonesia's attorney general's office raided GoTo's office related to an investigation into alleged corruption in the education ministry's laptop procurement in the period of 2019-2022. GoTo has not been accused of any wrongdoing. "We are cooperating with the authorities and following their directions," GoTo's director of public affairs and communications Ade Mulya said in the statement. The attorney general's office raided GoTo's office on Tuesday and confiscated various evidence, according to state news agency Antara, quoting the attorney general's office spokesperson Harli Siregar.
New Straits Times
12-07-2025
- Business
- New Straits Times
Indonesia's GoTo to cooperate with authorities after office raided in graft probe
JAKARTA: Indonesian tech firm GoTo Gojek Tokopedia said in a statement late on Friday that it respects the ongoing legal process and will be supportive of any efforts to uphold the law. GoTo's statement came after media reports saying Indonesia's attorney general's office raided GoTo's office related to an investigation into alleged corruption in the education ministry's laptop procurement in the period of 2019-2022. GoTo has not been accused of any wrongdoing. "We are cooperating with the authorities and following their directions," GoTo's director of public affairs and communications Ade Mulya said in the statement.
