GoTo still struggles to escape the clouds of controversy

Tech giant PT GoTo Gojek Tokopedia has remained under intense public scrutiny throughout 2025. Entering the second quarter amid mounting investor pessimism and slowing revenue growth, GoTo's share price plunged by 24 percent in May — from Rp 85 per share at the end of April to Rp 64 at the end of May. The company's troubles deepened further in July when it became indirectly implicated in the corruption investigation involving former Education Minister Nadiem Makarim and the alleged misuse of Merdeka Belajar digital-procurement funds. Then, the law enforcement conducted a search of of GoTo's office that led them to discover yet another controversy involving GoTo.

During the search, authorities seized several documents reportedly linked to the misuse-of-funds case. Media reports suggested that the documents contained a list of investments received by GoTo, one of which was from Google—a notable connection, given that the investigation into Nadiem centered on the large-scale procurement of Google Chromebooks for the Education Ministry. Speculation over the seized documents quickly intensified, with public debate focusing on who else might have been implicated. The suggestion that several state-linked entities and prominent corporate groups could be among the names listed reignited scrutiny of GoTo's political and institutional ties.

This controversy brought renewed attention to the contentious 2021 Telkomsel–GoTo investment, in which state-owned telecom operator PT Telekomunikasi Selular (Telkomsel) spent roughly Rp 6.4 trillion (US$450 million) to acquire GoTo shares — a move many critics argued was made at an inflated valuation. The deal was further clouded by the presence of Boy Thohir, brother of State-Owned Enterprises Minister Erick Thohir, on GoTo's Board of Commissioners at the time. Critics argued that this overlap blurred the line between public interest and private gain, raising concerns that state-linked capital was being funneled into ventures benefiting politically connected figures under the guise of supporting digital transformation.

The issue, which had already drawn public ire following GoTo's post-IPO share price collapse and Telkomsel's subsequent losses, resurfaced in 2025 as observers questioned whether state funds had been indirectly entangled in private tech ventures. Amid this speculation, PT Telkom Indonesia — Telkomsel's parent company — issued a series of statements in August reaffirming its commitment to the GoTo investment. Many analysts interpreted this as an effort to calm market sentiment and distance itself from the political turbulence surrounding the July investigation.

In interviews with IDX Channel and other outlets, Telkom executives stressed that their GoTo stake was a "long-term strategic investment" aimed at supporting the company's broader digital ecosystem roadmap, rather than a short-term financial play. They emphasized that despite fluctuations in GoTo's share price and renewed public scrutiny, Telkom had no plans to divest or reduce its holdings.

The timing of these remarks — just weeks after law enforcement's seizure of investment documents from Nadiem's office — was widely seen as a calculated move to reassure both investors and regulators that Telkom's involvement in GoTo was purely commercial.

Since then, GoTo has sought to restore investor confidence following months of volatility and reputational strain. These efforts appeared to pay off toward the end of the third quarter of 2025, when the company announced its highest-ever pre-tax profit of Rp 62 billion for the quarter. The milestone marked a symbolic turnaround for the tech giant, suggesting that its long-promised path to profitability was finally beginning to take shape after years of heavy losses, especially following the Gojek–Tokopedia merger.

Market sentiment shifted rapidly in response. On November 5, GoTo's share price surged 8.77 percent, making it the top gainer on the Indonesia Stock Exchange (IDX) for the day — a remarkable rebound for a company that had spent much of the year under a cloud of controversy.