Go-Jek’s structure and shareholding revealed in leaked info

Nadiem Makarim
Nadiem Makarim, founder of the Indonesian ride-hailing and online payment firm Go-Jek poses for a photograph following an interview with Reuters at the Go-Jek offices in Jakarta, Indonesia, August 15, 2018. REUTERS/Darren Whiteside

Since its inception in 2010, Go-Jek has grown to become one of the biggest success stories in the Asian startup scene. In eight years, the company has raised about 12 funding rounds, securing billions of dollars from the world’s largest companies.

The company is currently said to be in talks for a new funding round to raise $1.5-2 billion, at a reported valuation of up to $10 billion.

While Go-Jek as a company and Nadiem Makarim as its founder and CEO have become globally renowned due to the company’s achievements, very little is known about the company’s internal structure.

Recently, however, a piece of information shared by venture builder and investment consultant Momentum Works gave an insight into the key individuals within Go-Jek. The information, which Momentum Works said had been circulated while Go-Jek was working on its latest fundraising round, reveals the composition of Go-Jek’s board of directors and board of commissioners, as well as its shareholders.

Alongside CEO Makarim, the information shows that Go-Jek has six other executives on the board of directors. Unsurprisingly, most of them are former colleagues or associates of Makarim, who also chairs Go-Jek’s board of commissioners and is the biggest individual shareholder in the company.

The board of commissioners, meanwhile, has nine members, including Makarim. It mostly consists of representatives of Go-Jek’s major investors, including Farallon Capital, Tencent and Astra International.

As far as shareholders are concerned, the information shows that Go-Jek’s biggest shareholder is Singapore firm Gamvest PTE, which holds 8.82 per cent of the company, followed by PE firm KKR with a 7.14 per cent stake and Sequoia Capital India with a 6.88 per cent stake.

According to the information from Momentum Works, members of Go-Jek’s board of directors are:


  • CEO and founder Nadiem Makarim holds 58,416 shares, accounting for 4.81 per cent of the total shares.
  • Kevin Aluwi, Chief Information Officer (CIO) and co-founder, holds 205 shares.

Aluwi and Makarim both attended the same school in Jakarta and also briefly worked together at Zalora Indonesia in 2012, when Makarim held the position of Managing Director, while Aluwi was the Head of Business Intelligence.

  • Andre Soelistyo, President Director, holds 3,357 shares.

Soelistyo joined Go-Jek in 2016 from private equity firm Northstar Group, which became an investor in Go-Jek in 2015. He was also previously a commissioner at fintech firm Kartuku, which was acquired by Go-Jek in 2017. According to his Linkedin account, Makarim had spent a year at Kartuku as Chief Innovation Officer.

  • Antoine de Carbonnel, Chief Commercial Officer, holds 1,923 shares.

Carbonnel is the only other director to hold shares in Go-Jek. Like Soelistyo, Carbonnel joined Go-Jek in 2016 and also had a previous role in Kartuku, serving as the startup’s president director.

  • Hans Patuwo holds no shares.

Patuwo does not hold an executive position at Go-Jek. He is currently a principal at consultancy McKinsey, where Makarim had worked for almost three years in his early career as an associate.

Other members of the board of directors:

  • Monica Lynn Mulyanto from Indonesia, holds no shares.
  • Thomas Kristian Husted from Indonesia,  holds no shares

Board of commissioners

Go-Jek has a board of commissioners in compliance with Indonesian laws that require every limited company to have a dual governance structure. A company’s commissioners merely oversee the operations carried out by its management.

However, the board of commissioners also has a number of responsibilities including reviewing the work plan of the board of directors and the company’s annual report before the shareholder meeting. It also carries certain authority such as deciding board members’ remuneration and allowances as well as the power to suspend the duties of company directors.

Other than Makarim, who is the chairman of the board of commissioners, all the other members of the board are individual representatives of Go-Jek backers, according to Momentum Works. They are:

  • Jeffrey Perlman, Managing Director, Head of Southeast Asia, Warburg Pincus
  • George Raymond Zage III, Farallon Capital Asia
  • Hotak Chow, Principal, Capital Group
  • Kusumo Martanto, CEO, BliBli.com and COO, GDP Venture
  • Zhaohui (Jeffrey) Li, Tencent Investment
  • Pandu Patria Sjahrir, Director, Toba Bara
  • Pradyumna Agrawal, Director, Temasek
  • Prijono Sugiarto, President Director, Astra International.

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