- GoTo to divest Tokopedia’s logistics, delivery, fulfillment units in Q2 2024.
- Shedding non-core assets to focus on growth areas.
- Reshuffling enables Indonesia’s tech titan to embrace new opportunities.
Divest to invest, the GoTo way
Indonesian tech giant GoTo Group announced plans to deconsolidate its logistics unit associated with Tokopedia in Q2 2024.
CFO Jacky Lo revealed the company entered an agreement to divest the delivery, fulfillment, and GoTo Logistics businesses supporting Tokopedia.
Post divestment, the logistics unit returns under Tokopedia’s umbrella. However, GoTo retains its B2B delivery business and on-demand service GoSend.
Consequently, financials from GoTo Logistics won’t feature as a separate segment from Q1 2024 onwards.
Out with the old, in with the new-new!
This move marks GoTo’s latest divestiture after offloading GoPlay and Loket last August. For Q1 2024, the company recorded an 89% year-on-year improvement in adjusted EBITDA loss at $6.2 million, staying on track for full-year adjusted EBITDA profitability.
As GoTo sheds some weight, it frees up resources to double down on core growth areas.
The logistics reshuffle allows Indonesia’s tech titan to forge ahead, unencumbered by non-essentials and ready to embrace fresh opportunities!
To read the original article: https://www.techinasia.com/goto-divest-tokopedias-logistics-unit-q2-2024
