Jakarta. Technology conglomerate GoTo Gojek Tokopedia slashed its operational losses from Rp 30.36 trillion ($1.9 billion) to Rp 10.27 trillion in 2023, following the divestment of its e-commerce arm, Tokopedia, to ByteDance's TikTok.

"In the future, the Company's focus is to strengthen this foundation in order to drive faster and more profitable growth," said CEO of GoTo Patrick Walujo in a press release on Tuesday.

GoTo and TikTok are in the process of migrating their e-commerce applications, Tokopedia and TikTok Shop, following TikTok's acquisition of Tokopedia.

The formal merger of Tokopedia and TikTok Shop Indonesia under PT Tokopedia, jointly owned by GoTo and TikTok as strategic partners in Indonesia, took place in January. TikTok now holds a controlling stake of 75 percent, with an investment commitment of over $1.5 billion (Rp 24 trillion) to support Tokopedia's operations. This demonstrates TikTok's long-term commitment without further dilution of GoTo's ownership.

In 2023, GoTo recorded a revenue of Rp 14.17 trillion, marking a 30.34 percent surge from Rp 11.34 trillion in 2022. This revenue upswing was primarily fueled by the service fee segment, amounting to Rp 8.66 trillion, soaring by 37.46 percent from Rp 6.30 trillion. Concurrently, delivery services witnessed a robust growth of 43.92 percent, reaching Rp 2.13 trillion compared to the previous Rp 1.48 trillion, followed by other income of Rp 1.79 trillion.

Moreover, the company's total assets took a significant hit following the separation from Tokopedia. As of December 2023, GoTo's total assets stood at Rp 54 trillion, marking a substantial decline of 61.15 percent from Rp 139 trillion.

Meanwhile, total liabilities escalated to Rp 18.37 trillion, marking an 11.40 percent increase from Rp 16.49 trillion in 2022. This uptick in liabilities was attributed to loans from entities other than banks, amounting to Rp 2.29 trillion.