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Jakarta — Indonesia’s sovereign wealth fund, Danantara, is considering expanding its ownership in PT GoTo Gojek Tokopedia Tbk, the country’s largest digital conglomerate, in a move that could reshape the balance of power in Southeast Asia’s ride-hailing and e-commerce markets.
Danantara currently holds less than 1 percent of GoTo shares. Both Rosan Roeslani, the fund’s chief executive and Indonesia’s Minister of Investment, and Pandu Patria Sjahrir, its chief investment officer, confirmed that the fund intends to gradually increase its stake.
“We have bought into the company, and we will gradually raise our shares,” Mr. Roeslani said, without specifying a target level.
Mr. Sjahrir emphasized that the decision would be guided by fundamentals rather than political directives.
“We are looking at the company’s long-term prospects and market conditions,” he said.
A Policy-Driven Investment
The timing of Danantara’s interest coincides with Presidential Regulation No. 27/2026, which caps ride-hailing commission fees at 8 percent, down from previous levels of 10 to 20 percent.
The regulation also mandates social security coverage for online taxi drivers, a measure aimed at improving labor protections in Indonesia’s fast-growing gig economy.
Analysts say Danantara’s involvement could serve as a policy instrument, ensuring that GoTo complies with new labor standards while stabilizing investor sentiment.
Some have speculated that the fund may negotiate a golden share arrangement, granting veto rights on strategic decisions without requiring majority ownership.
Market Volatility and Strategic Stakes
GoTo’s shares have faced turbulence in recent months, with trading occasionally hitting lower circuit breakers amid investor concerns over profitability.
The company, formed in 2021 through the merger of ride-hailing giant Gojek and e-commerce platform Tokopedia, remains central to Indonesia’s digital economy, contributing an estimated 2.2 percent of GDP in 2022.
A stronger sovereign wealth fund presence could reassure investors and signal government-backed support for GoTo’s long-term role in the national economy.
Despite the optimism, questions remain. Danantara has not disclosed how far it intends to raise its stake, nor the timeline for doing so.
Market volatility and regulatory enforcement will play decisive roles in shaping outcomes.
For GoTo, the prospect of deeper government involvement could be a double-edged sword: stabilizing its financial base while potentially constraining corporate autonomus.
Danantara’s potential expansion in GoTo represents more than a financial maneuver.
It is a strategic intervention, aligning Indonesia’s sovereign wealth fund with the government’s broader agenda to protect workers and strengthen the digital economy.
If realized, the move could bolster GoTo’s resilience, improve driver welfare, and reinforce state influence in one of Southeast Asia’s most dynamic tech sectors.
Yet, with ownership targets still opaque, investors are left waiting for clarity.
