Ride-hailing Gojek is preparing for an initial public offering (IPO) notwithstanding the change in leadership after its founder and CEO Nadiem Makarim left to serve in the Indonesian government.
Since 2010, Makarim was at the helm of Gojek and was responsible for the firm's US$10billion valuation.
With Makarim as a passive shareholder now, Gojek president Andre Soelistyo and co-founder Kevin Aluwi will become co-CEOs.
Soelistyo clarified that there is no set date for the IPO yet and that Gojek's aim first is to get half of its user base from its home market Indonesia and half from the international market.
He added that they "are already moving along" with the processes so the company will "be at that world-class standard" that all global companies are at.
With the continued rivalry with Grab and the leadership transition, analysts and investors are watching.
With response to questions about its strategy in appointing co-CEOs, though Makarim left at a critical time for the ride-sharing company, he said that Kevin and Andre "have been running this company for a number of years" and he has "faith in their desire to do the right thing every step of the way."
With Singapore-based rival Grab having a head start in regional expansion, Gojek attempted to expand regionally to Singapore, Thailand, and Vietnam.
A trying factor for Gojek is Go-Viet, the firm's Vietnam affiliate, which has had several executives leaving in just less than a year.
As of this writing, Grab is still the market leader in Singapore, Thailand, and Vietnam.
Chua Kee Lock, chief executive of Singapore venture capital firm Vertex Ventures, an early investor in Grab, said that the co-CEO model "will be a challenge for Gojek" adding that usually, companies choose the best one to be CEO.
Chua pointed out that a co-CEO model could slow response time when it comes to decision-making, especially in industries like ride-hailing, food delivery, and payments because conditions in those businesses are often changing.
Li Jianggan, founder and chief executive of Momentum Works, an early-stage startup accelerator in Singapore said that a business institution losing its founder can affect the company because he or she tends to embody the spirit of the company.
Li pointed out that that he has been a co-CEO before and though "it's good to have someone to share that responsibility with," he confirmed that "during critical times, decision-making can be challenging."
He said that often, investors will think twice investing in companies that do not have a clear leader.
However, Gojek's current investors seem not to worry about the handover.
Hian Goh, co-founder, and partner at backer Openspace Ventures affirmed that Gojek is a company that together plays a "team sport."
Hian revealed that Andre, Kelvin and many other members of management have helped build and execute Makarim's vision.
