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Singapore's Sea Ltd. and Indonesia's GoTo Group, two of South-East Asia’s largest internet companies, are embarking on fresh layoffs as the region’s once high-flying tech leaders retrench to focus on profitability over growth.
(Feb 9): GoTo Group shares resumed their decline after the Indonesian ride-hailing and delivery giant sidelined several key executives and switched up its board following a steep market selloff. Undertaking its biggest management reshuffle yet, the country’s biggest tech company announced Wednesday that group president Patrick Cao is relinquishing his post to run a company endowment fund. The head of its Tokopedia unit, William Tanuwijaya, will no longer lead the local e-commerce pioneer he founded in 2009, though he’ll remain a commissioner and co-chairman of GoTo.
Indonesian ride-hailing and delivery giant GoTo Group is sidelining several key executives and switching up its board, undertaking its biggest management reshuffle after a steep market selloff over the past year. The country’s biggest tech company announced Wednesday that group president Patrick Cao is relinquishing his post to run a company endowment fund, while Tokopedia chief William Tanuwijaya will no longer lead the local e-commerce pioneer he founded in 2009. Tanuwijaya will however remain a commissioner and co-chairman of GoTo.
The average income of GoFood MSME merchants increased by 66% YoY in 2021, which Gojek believes is attributed to its technology that helped merchants stay