Fireside Chat with Patrick Cao

The world today is different to the world in which GoTo merged and subsequently IPO-ed in 2022.  

This necessitates a change in the initial vision and synergy for GoTo. Mergers are generally hard, but virtual mergers are harder, requiring GoTo to focus in three key areas: cross marketing, hypermobility, and better data for payment product.                       

At its core, GoTo is a social impact business at heart. With 67mn users, 12mn merchants, and 2mn registered driver fleet, GoTo remains committed to its various stakeholders along the consumer technology value chain.       

As a result of its social impact DNA, ESG has been at the core of GoTo’s business philosophy. This is reflected in GoTo’s Three Zeros target: zero emissions, zero waste, and zero barriers.  

Amid a pandemic and a subsequent global slowdown, GoTo’s merger and IPO in 2022 was a challenging endeavour.  

Every problem is a people problem. At initial stages of the merger, GoTo maintained independent holding company operations, which required continued alignment.          

In the GoTo merger, there can be conflicting cultures between teams. For example, the on-demand segment has a more aggressive acquisition culture, whereas the e-commerce segment has a more supportive culture, which must be streamlined across the Group.          

GoTo’s local and homegrown genesis story has been a source of advantage. Powerful human connection to local nuances (best local murtabak, fried rice, nasi ayam geprek) ensures that GoTo’s product offerings and strategies are not superficial compared to international industry competitors. 

GoTo envisions a practical implementation to its ESG Three Zeros target.  

With regards to ESG, it is crucial to find one’s purpose in doing the right thing. GoTo’s mission of empowering progress has been the Group’s North Star in charting out its ESG and Three Zeros journey.  

GoTo employs sustainable and financial incentives through emphasized weightages in employee KPIs. For example, out of 8 KPIs, 2 of them are Diversity, Equity, Inclusivity (DEI) and ESG KPIs; GoTo hopes to motivate employees to live out sustainability mission via these incentives.      

Current economic backdrop presents challenges in ESG implementation. While it is easier to revert to the myopic approach of setting ESG targets superficially, GoTo’s DNA as a societal impact business helps to maintain its focus for doing the right thing.