Go2Group’s revenue rose over 50% in the company’s first quarterly report since its initial public offering, in which it raised $1.1 billion, fueled by the rapid development of online technology and industries in Indonesia. An Indonesian tech company statement released on Monday showed total revenue rose nearly 53 percent to 5.2 trillion rupees ($357 million) in the first quarter, indicating the company’s future growth even with Russia’s invasion of Ukraine, rising inflation and world interest rates.
Total revenue from on-demand services, including delivery services, rose 58% to Rs 3.1 trillion in the first quarter, while total e-commerce revenue rose 53% to Rs 1.9 trillion. This year, the company raised $1.1 billion in one of the largest IPOs in the world to compete with the likes of Grab. Total transaction value is expected to increase to Rs 150 trillion in the second quarter after rising 46% to Rs 140 trillion in the first quarter, Solisteo’s CEO said in comments published by Bloomberg.
Source: El Iktisad
