How GoTo’s CEO helped the firm take its first profitable step

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Hello readers,

I’ve taken up several leadership positions when I was younger. It always feels strange at first when people look to you to make a decision, knowing that the path you choose can strongly influence those around you.

In my younger days, I don’t think I fully grasped the scope of this responsibility. It wasn’t just about making decisions for other people, but also being responsible for their welfare. As such, I made some mistakes, and I had to learn the hard way that leadership also meant that the buck stops with you.

Having experienced just a tiny bit of what being a leader entails, I can get a glimpse of what it would be like amplified 10x or 100x in the context of company CEOs.

Suddenly, you’re not just affecting a dozen or two people, but potentially hundreds or even thousands of workers whose livelihoods depend on you. That’s why after reading today’s premium story, I’ve gained a lot more insight into – and respect for – Patrick Walujo, CEO of GoTo Group

After some grueling efforts, the Indonesian firm has finally posted its first profitable quarter. Read on to find out how Walujo played a significant role in that achievement.

Today we look at:

• How GoTo got its first quarterly profit
• Golden Gate Ventures’ new COO
• Other newsy highlights such as Alteria Capital finalizing the venture debt portion of its third fund and VinFast’s lightning-quick start in Thailand

Premium summary

GoTo’s own North Star

Image credit: Timmy Loen

Reading through this story, it’s evident that a lot of tough choices had to be made. It seems that in business, there’s really no room for sentimentality. If something’s got to change for the good of the company, then it has to be done – and the hardest choices require the strongest wills.

• Started from the bottom: In Q2 2023, GoTo recorded a net loss of US$216 million, with an adjusted EBITDA of negative US$79 million. Two quarters later, the firm hit profitability on an adjusted basis – the first time it has ever done so.
• Cutting loose: Patrick Walujo was appointed as GoTo’s CEO in June 2023. Just two months after that, the firm sold two of its units: GoPlay, its entertainment business, and Loket, a ticketing platform. Later that year, it sold 75% of ecommerce firm Tokopedia to TikTok.
• The first step: While recent efforts have borne fruit, GoTo isn’t completely in the clear yet. For one, the firm’s share price – at US$0.43 as of March 25 – isn’t great. Further, Walujo is also reportedly acting as CEO temporarily, as he’s still serving as managing partner of private equity firm Northstar Group.

Read more: GoTo CEO delivers first quarterly profit, but will he stay on?

A COO sent from above

Experience a bigger and better Founders Meetup on April 24

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