Go-Jek Makes it to Fortune’s Change the World List
The only Southeast Asian company on the list, Indonesia’s first unicorn stands alongside Apple, Microsoft, and Unilever
PHOTO CREDIT: Getty Images
Go-Jek, the app-based on-demand service provider from Indonesia, made it to Fortune Magazine’s list of “56 Companies That Change the World,” the only Southeast Asian company to make the cut.
According to the media release, the “Change the World” list includes companies that made a substantial social impact through their main business strategies, and that Fortune had given priority to companies with an annual income of $1 billion.
Go-Jek was included in the list for enabling small businesses to increase their sales by serving as the platform for the on-demand economy, by delivering food, beauty products, and, yes, even tired commuters. It’s driver partners enjoy health benefits, insurance, safety training, and microfinancing loans.
“We hope to be able to further inspire other [homegrown Indonesian companies] that focus on various social challenges in Indonesia and provide innovation and technology-based solutions,” Go-Jek founder and CEO Nadiem Makarim says in a media release.
Go-Jek company data shows it connects users with more than 300,000 two-wheeled and four-wheeled vehicle driver partners, more than 100,000 food merchants, and 7,000 other service providers. As of July 2017, the app has been downloaded more than 44 million times.
Indonesia’s first unicorn has come a long way since it was first conceived by Makarim as a solution to the opaque and unregulated industry of scooter taxis, locally known as ojeks. The start-up — first founded in 2010 and later on rebooted as an app-driven tech company in 2015 — has since moved from a ride-hailing app to a delivery, logistics, and payment service.
Makarim, who was on the cover of the Inc. Southeast Asia June issue, says that their objective was not to conquer the world. Instead, Makarim points out that much of the company’s success lies in its ability to “conquer the user.”
“You have to believe that every single transaction that a customer will do in the next three to four years will go through their smartphone,” he says.
Based on company figures cited in the story, between Go-Jek and Go-Pay, the company processes 50 million transactions per month, with its transportation business holding 60% of Indonesia’s ride-hailing business market share, and Go-Food comprising 95% share of the online food delivery market. Go-Pay is the largest digital wallet in Indonesia.
BY Entrepreneurs Organization