Meet Patrick Walujo, early investor turned CEO of GoTo Group

Photo credit: Northstar Group

In 2014, Patrick Walujo made an early bet in Indonesian ride-hailing firm Gojek. As a close friend of founder Nadiem Makarim, Walujo encouraged him to turn his ride-hailing call center into a digital app.

The investment, which was made through NSI Ventures (now Openspace Ventures), paid off. The VC firm was an affiliate of Walujo’s private equity fund manager Northstar Group.

Gojek emerged as Indonesia’s most valuable tech company, marked by its US$18 billion merger with Tokopedia in 2021 and its subsequent joint IPO that raised nearly US$1 billion. The former’s name has become synonymous with the rise of the Indonesian tech ecosystem.

Eight years after the launch of the Gojek app, GoTo is still not profitable. The same is true for Tokopedia, which will celebrate its 14th anniversary this August.

With GoTo Group’s mission to turn a profit and with the tech industry still experiencing turbulent times, Walujo has been handed the torch to lead the company, replacing Andre Soelistyo.

Greater emphasis on financial services?

Walujo officially joined GoTo earlier this year as a commissioner when the group carried out a major restructuring that saw some shifts in the top brass.

He brought in a wealth of experience from being a former Goldman Sachs banker, a vice president at VC firm Pacific Century Group, and a commissioner of telecom giant Indosat. In 2003, Walujo established Northstar, which has become one of the biggest private equity investors in Southeast Asia, managing over US$2.5 billion in capital.

Besides Gojek, Northstar has backed other Indonesian companies such as retail chain Indomaret, aquatech startup eFishery, multi-finance company BFI Finance, and digital banking firm Bank Jago. In May, eFishery became a unicorn after closing a US$108 million round, which Northstar participated in.

Walujo’s appointment comes at a critical time as GoTo Group gears toward profitability by the end of 2023. In the first quarter of the year, the company cut its net loss by 41% year on year to US$265 million and improved its adjusted EBITDA by 67%.

Moreover, the company’s shares have dropped 60% since its IPO in April last year, according to Bloomberg. GoTo has also carried out multiple rounds of layoffs, terminating at least 1,930 jobs since November.

See also: GoTo Group’s financial health in 4 charts

Walujo said in a statement that he is committed to “working closely with the management team to accelerate the progress of the business units, optimize for the company’s profitability strategy, and strengthen the foundations that have been laid for long-term growth.”