GoTo Group said its first-quarter gross revenue surged 53% from a year ago to 5.2 trillion rupiah (around US$357 million), propelled by growth in its on-demand and ecommerce services.
Photo credit: GoTo Group
The quarterly gross revenue of GoTo Group’s on-demand and ecommerce services jumped 58% and 53%, respectively, outpacing the gross transaction value (GTV) in each segment. The company said the growth in the two services was accelerated through collaboration with Tokopedia, an increase in its logistics business, and merchant commissions, coupled with other services.
GoTo Group’s operating losses for the first quarter widened more than 3x to US$455 million, compared to the same period last year. However, the company said its EBITDA loss narrowed 14% from Q4 2021 to US$371 million in Q1 2022.
Meanwhile, the company’s take rate ticked up slightly to 3.7% in the last quarter, up from 3.5% a year ago.
GoTo Group’s cash position sat at 27 trillion rupiah (around US$1.9 billion) at the end of the first quarter, slightly lower than US$2.1 billion at the end of last year.
See also: GoTo Group’s financial health in 4 charts
Currency converted from Indonesian rupiah to US dollar: US$1 = 14,565 rupiah.
Editing by Deepti Sri and Arpit Nayak
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