Indonesian double unicorn GoTo posted $1.5bn net loss in 2021

Merged company issues first earnings report after going public last month

GoTo's share price has fallen since it debuted last month on the Indonesia Stock Exchange. (Photo courtesy of GoTo)

ERWIDA MAULIA and NANA SHIBATA, Nikkei staff writers

May 30, 2022 22:37 JST

Updated on May 31, 2022 12:50 JST

JAKARTA -- GoTo said on Monday in its first earnings results since going public last month that it recorded a 21.4 trillion rupiah ($1.47 billion) net loss in 2021, with red ink flowing on into the first quarter of this year.

GoTo was formed in May of 2021 by the merger of ride-hailing and food delivery company Gojek and local e-commerce major Tokopedia. The pair were the two most prominent unicorns -- or private companies worth $1 billion or more -- in Indonesia.