GoTo allocates over $20 million to driver-partners in Indonesia, Viet Nam and Singapore ahead of its IPO

Tuesday, Apr 05, 2022 18:59

Gojek’s GoCar driver-partner in Viet Nam. PT GoTo Gojek Tokopedia Tbk (GoTo) will allocate over US$20 million to driver-partners in Indonesia, Viet Nam and Singapore ahead of its IPO. — Photo courtesy of Gojek

Ahead of its IPO, PT GoTo Gojek Tokopedia Tbk (GoTo), the largest digital ecosystem in Indonesia, has announced plans to allocate over US$20 million to driver-partners in Indonesia, Viet Nam and Singapore.

In Indonesia, they will receive a share grant under the Gotong Royong Share Programme, while driver-partners in Singapore and Viet Nam will receive a form of appreciation in cash.

GoTo Group CEO Andre Soelistyo said: "It has always been our dream to be able to share the benefits of our IPO with partners in our ecosystem."

“Through the Gotong Royong Share Programme, we are able to show our appreciation to loyal driver-partners who have helped build GoTo from the very beginning and have journeyed with us through the ups and downs."

“GoTo wants everyone in our ecosystem to enjoy the fruits of our collective success so we can continue to grow together for the long-term.”

Almost all driver-partners in Indonesia will have the opportunity to participate in this programme. The eligibility criteria for driver-partners to receive the reward are determined based on various factors, including their service category, the length of time they have been registered as a partner, and the driver-partner's active status.

Under the programme, each Indonesian driver-partner who registered between 2010 to 2016 has the opportunity to receive 4,000 GoTo’s Series A shares, while those who registered from 2017 to February 2022 can receive 1,000 GoTo’s Series A shares. They will receive their shares after the eight-month lock-up period, calculated from GoTo’s effective statement date (March 30, 2022).

GoTo’s Gotong Royong Share Programme is one of the most inclusive share ownership programmes in the world today, which not only enables driver-partners to benefit from GoTo's IPO but also engages merchants, consumers, and employees.

Loyal GoTo merchant and consumer partners received priority access to order GoTo shares through a fixed allocation during the book-building period, which took place from March 15 to 24. Full-time employees were also provided with the opportunity to become shareholders in GoTo, through the company's Long Term Incentive Plan Programme which aims to attract and reward high-performing talent, and foster an ‘ownership mentality'.

In addition to the Gotong Royong Share Programme, GoTo also established the GoTo Future Fund, an endowment fund that aims to support initiatives and solutions that benefit the lives of stakeholders across the GoTo ecosystem, while also helping the GoTo Group toward its three zeros sustainability commitments (zero emissions, zero waste and zero barriers).

As part of the establishment of the fund, GoTo has allocated 9,350,044,200 Series A shares, currently valued at $216 million.

The GoTo ecosystem consists of on-demand services, e-commerce, and financial technology through the Gojek, Tokopedia, and GoTo Financial platforms. — VNS

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