The complete list of who owns how much in Indonesia’s newly-minted tech giant GoTo

Photo by Afif Kusuma on Unsplash

Editor’s note: This story has been updated to reflect that Pemuda Investment Holdings is a Sequoia Capital-owned entity.

Despite a diverse cast of 130 investors on its cap table, a mere seven of them account for over half the shareholding in GoTo — the freshly-minted entity created from the merger of Indonesian unicorns Gojek and Tokopedia this week.

The top seven investors — including SoftBank (15.3%), Alibaba (12.6%), and Sequoia Capital (6.2%) — account for 50.5% of the company’s total shareholding, showed a filing by the company before Indonesia’s Directorate General of Administration of General Laws, sliced and diced by DealStreetAsia.

Of the total 3.12 million shares, Gojek’s founders Nadiem Anwar Makarim and Kevin Bryan Aluwi hold 58,416 shares (1.9%) and 205 shares, respectively. Meanwhile, Tokopedia founders William Tanuwijaya and Leontinus Alpha Edison hold 64,767 shares (2.1%) and 26,389 shares (0.8%), respectively.

It must be noted, however, that the number of shares held is not proportional to voting rights. The major shareholders SoftBank and Alibaba, therefore, will not exercise significant control over the entity. Yet, when GoTo eventually goes public, as planned, they stand to reap the benefits.

Complete cap table

The top 24 shareholders together hold an 80.8% stake in GoTo. They are:

Expand Table

GoTo shareholding pattern — investors with 1% or more stake

InvestorStake (%)
SoftBank Group15.3
Alibaba12.6
Sequoia Capital6.2
Pacific Century Group4.7
Google Inc.4.6
GIC3.9
Temasek3.2
KKR2.8
Tencent2.7
Warburg Pincus2.6
Astra International2.2
Golden Signal Limited2.1
London Residential II S.à r.l.2.1
William Tanuwijaya2.1
Nadiem Anwar Makarim1.9
Northstar Group1.8
Sixteen Dragonfruit S.à r.l.1.7
Procap Hijau Limited.1.7
Visa International Service Association1.3
GJK Holdings S.à r.l.1.2
PT Global Digital Niaga1.1
Green Mount International Limited.1
Lena Innovation Limited.1
OSV Moto Holdings Limited1

The remaining 106 investors with smaller stakes are:

Expand Table

GoTo's smaller investors

InvestorStake (%)
Clouse S.A.0.8
Leontinus Alpha Edison0.8
PT AIA Financial0.8
Shares in the company treasury0.8
Mitsubishi Corp.0.7
Inspired Elite Investments Limited0.6
OZ GOJ Sculptor Investments S.A R.L.0.6
East Ventures0.6
Bangkok Bank Public Company Limited0.6
SBI Holdings Inc.0.5
Green Track Ventures Limited.0.5
Rakuten Capital Holdings0.4
Dream Fund Pte. Ltd.0.4
BEENOS0.4
United Investments PTE. LTD.0.4
Setiawan Aluwi0.4
Allianz0.4
PT Chandra Mahkota Prima0.4
OCBC0.3
PAV Investments Pte. Ltd.0.3
Econtext Asia EC Fund Investment0.3
MC Asean Technology Investments Holdings Limited0.3
The Siam Commercial Bank Public Company Limited.0.3
Cool Japan Fund Inc.0.3
UOB0.3
GSL Indonesia Limited0.3
Sinovest Summit Holding 5 Limited.0.3
Insight Capital I0.3
BK Investment Holdings LLC0.2
Derayah Asia Venture Capital0.2
Blackrock Global Funds0.2
Komodo Indo Investments0.2
PT Pusaka Citra Djokosoetono0.2
Hawthorn Limited.0.2
Sky Ray Enterprises Limited.0.2
Stega Ventures Limited.0.2
Mando Corporation0.2
Unilever Swiss Holdings AG.0.2
Endless Art Investments Limited0.2
PT Adiwangsa Nata Kirana0.2
Key Partners Capital Investment 8 GmbH & Co. KG.0.2
DGI Offshore Investments Limited0.2
Alfindo Investment Limited.0.1
Green Spectrum Limited.0.1
Jetway Capital SPC0.1
PT Union Sampoerna0.1
Pebble Bay Global Limited.0.1
GF Sinovest Fund SPC0.1
Eighteen Dragonfruit Capital Limited0.1
PT Asuransi Jiwa Sequis Life0.1
Astrend Opportunity II (Hong Kong) Ltd.0.1
EDB Investments Pte. Ltd.0.1
WF Asian Reconnaissance Fund Limited0.1
Hera Capital0.1
Andre Soelistyo0.1
PT Sigmantara Alfindo0.1
Field Tree Limited.0.1
Arch Pebble Limited.0.1
Ron Hose0.1
SMDV II (SG) Pte. Ltd.0.1
TG18 Holdings Limited0.1
Radianx Capital L.P0.1
Shinhan Investment0.1
Pine Triumph Limited.0.1
Pearl Lake Holdings Limited.0.1
Grady Fausta Laksmono0.1
Haryanto Tanjo0.1
Phecda Investment Holdings Limited0.1
Antoine De Carbonnel0.1
Samsung0.1
Asean Platform Fund No.1< 0.1% stake
Brampton Assets Limited< 0.1% stake
Exile Corporation< 0.1% stake
Elite Team Real Management Ltd.< 0.1% stake
David Cyrus Halpert (US Citizen)< 0.1% stake
Golden Gate Ventures Fund Pte. Ltd.< 0.1% stake
FUND FG-DJF, a series of Forge Investments LLC< 0.1% stake
Atinum Growth Fund 2018< 0.1% stake
Yosemite Strategies L.L.C< 0.1% stake
Penataran Holdings Pte. Ltd.< 0.1% stake
CRA Fund III LLC< 0.1% stake
PT Sinar Ganda Jaya< 0.1% stake
Majapahit LH Technology Pte. Ltd.< 0.1% stake
PT Kencana Investasi Indonesia< 0.1% stake
Oleg Wladimir Nicolas Tscheltzoff< 0.1% stake
Profitable Biz Finance Ltd.< 0.1% stake
Pure Wisdom (Hong Kong) Limited< 0.1% stake
Yung Wen Cheng< 0.1% stake
Tubagus Rahmad Utama< 0.1% stake
Vetavex Investment Limited.< 0.1% stake
Aldi Haryo Pratomo< 0.1% stake
Tech8 Limited.< 0.1% stake
Fenox Venture< 0.1% stake
Kevin Bryan Aluwi< 0.1% stake
PT Mandiri Capital Indonesia< 0.1% stake
Edy Suryanto Sulistyo< 0.1% stake
Kingsway Frontier consumer Internet Fund LP< 0.1% stake
Kendall Court Cambridge Investment Manager Limited< 0.1% stake
Emi Surya Dewi Sulistiyo< 0.1% stake
Justin Leow< 0.1% stake
Kunal Shah< 0.1% stake
Whiteboard Capital< 0.1% stake
Janna Fuller< 0.1% stake
Colin Goltra< 0.1% stake
Francis Mitra< 0.1% stake
Lisa Kienzle< 0.1% stake

Alibaba holds its stake in GoTo through a special purpose vehicle (SPV) Taobao China Holding Limited. SoftBank’s stake is held through the SPVs SoftBank Global Opportunity Private Equity Fund, SB Global Champ Fund, SB Global Star Fund, SB Pan-Asia Fund, and SVF Investments (UK) Limited.

Sequoia Capital holds its stake through various vehicles including Pemuda Investment Holdings that owns a 3.6% stake.

The Pacific Century Group, chaired by Hong Kong tycoon Richard Li, holds its stake through the vehicles Radiant Yield (Hong Kong) Limited, Radiant Pioneer (Hong Kong) Limited, and Radiant Trinity (Hong Kong) Limited. The investment group has been a long-time investor in Tokopedia.

Li and tech mogul Peter Thiel have raised about $900 million via two US-listed special purpose acquisition companies (SPACs) under the Bridgetown brand. There were talks last year that Tokopedia may merge with a Bridgetown SPAC.

Temasek’s stake is held through Anderson Investments Pte. Ltd., Seatown Lionfish Pte. Ltd., and Seatown Sailfish Pte. Ltd, while GIC’s stake is held through Gamvest Pte. Ltd.

Ownership by country

The cap table, when sorted by the nationalities of the investors or the country of incorporation, shows that Indonesians own a little over 11% in the firm.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.