Indonesia's sovereign fund Danantara buys stake in GoTo
What's the deal? Indonesia's sovereign wealth fund, Badan Pengelola Investasi Daya Anagata Nusantara (Danantara Indonesia), has purchased shares in PT GoTo Gojek Tokopedia Tbk — the country's largest tech conglomerate — through the Indonesia Stock Exchange. The stake amounts to less than 1% of GoTo's outstanding shares.
GoTo's corporate secretary R.A Koesoemohadiani said in a stock exchange filing on Tuesday that the company "welcomes the investment as a reflection of sustained confidence in the company's business fundamentals, performance, and long-term prospects."
Why now? The investment comes as GoTo navigates a shifting regulatory landscape. The Indonesian government recently issued Presidential Regulation No. 27 of 2026, which introduces new protections for online transport workers — a policy that directly affects GoTo's ride-hailing subsidiary Gojek. GoTo said it has not yet received a copy of the regulation and is still reviewing its implications.
A sovereign fund buying into the company at this moment sends a signal of government-aligned confidence, even as new rules could raise costs for platform businesses.
What could go wrong? The sub-1% stake is modest and carries no controlling influence. GoTo disclosed it currently has no shareholder that qualifies as a "major shareholder" under Indonesian law, and said it has no information about any shareholder's plans regarding its holdings.
Meanwhile, regulatory risk looms. New driver protection rules — including a reported 8% commission cap for driver-partners — could squeeze margins at Gojek, GoTo's core mobility arm. The company pledged to comply with all applicable regulations and coordinate with the government and stakeholders.
GoTo also noted it has no material corporate actions planned for the next six months.
The signal: Danantara's move fits a broader pattern of Southeast Asian governments taking direct financial positions in homegrown tech champions. It's a small bet, but a symbolic one — suggesting Jakarta views GoTo as strategically important infrastructure, not just another listed company. For GoTo, which has spent years trying to prove it can be sustainably profitable, even a token vote of confidence from the state carries weight with other investors watching from the sidelines.
Read more: antaranews.com
