Gojek reiterates IPO plan amid leadership change and battle for regional dominance with Grab
- Former CEO Nadiem Makarim, who resigned to join Indonesia’s cabinet, helmed Gojek since 2010 and steered the firm to a US$10 billion valuation
Ride hailing company Gojek said on Thursday it was still preparing for a future IPO despite a change in leadership structure after its founder and CEO Nadiem Makarim stepped down to join Indonesia president Joko Widodo’s cabinet.
Makarim has helmed Gojek since 2010 and steered the firm to a US$10 billion valuation, counting Google, Tencent and JD.com among its investors. Following his departure, Gojek president Andre Soelistyo and co-founder Kevin Aluwi will become Gojek’s co-CEOs. Makarim will remain a passive shareholder in the company.
At a press briefing on Thursday, Soelistyo said there was no set date for the IPO, adding that the company’s aim was to derive half its user base from the international market and half from home market Indonesia.
“We are already moving along with the journey and processes that we need to improve, to be able to be at that world class standard that global public companies are at, so we've done a lot of things in building better governance,” he said.
Investors and analysts alike are watching the leadership transition closely as the firm continues to compete with rival Grab in the region.
“Kevin and Andre have mentored me to be the leader I am today. They are quite simply Gojek’s best,” said Makarim in a letter sent to Gojek staff on Wednesday.
