In its first quarterly report as a public company, GoTo Group recorded a 53% rise in gross sales.
Gross sales increased to 5.2 trillion rupiah ($357m) in the quarter through March, while net losses more than quadrupled to 6.47 trillion rupiah. On a pro-forma basis, the metric increased at a rate of around 44% in 2021. GoTo's adjusted loss before interest, taxes, depreciation and amortization increased to 5.4 trillion rupiah in the most recent quarter.
GoTo, one of the Southeast Asian consumer internet startups, was born out of a merger between ride-hailing service Gojek and e-commerce site Tokopedia. Google (GOOGL), Tencent Holdings, and Sequoia Capital India are among the many investors the two have attracted over the years.
Why it matters
GoTo raised $1.1b in one of the world's largest IPOs this year, but its shares have lost about 7% of their value since then, placing the company's valuation at over $25b.
