GoTo Braces for New Gig Worker Laws as Indonesia’s Sovereign Fund Danantara Stealthily Builds Stake

JAKARTA, Investortrust.id — Gojek Tokopedia (GoTo), the country’s largest tech conglomerate, is standing at a regulatory crossroads as it prepares for a sweeping overhaul of Indonesia’s gig economy laws. The company officially responded Tuesday to the newly minted Presidential Decree No. 27 of 2026, a move that could fundamentally rewrite the profit margins for the Southeast Asian tech leader.

While the market buzzes over potential fee caps, GoTo is also welcoming a high-profile backer to its cap table. The company confirmed that Danantara—Indonesia’s newly formed Investment Powerhouse—has been quietly accumulating shares through the open market, signaling a vote of confidence from the state's strategic investment arm.

The implementation of Presidential Decree No. 27 is a "make or break" moment for the ride-hailing industry in Indonesia. If regulators enforce a rumored "take rate" cut to 8%, GoTo’s primary revenue stream from Gojek could face an immediate and massive haircut.

Investors must weigh this regulatory headwind against the bullish entry of Danantara. The sovereign fund's involvement suggests that despite tightening rules, the Indonesian government views GoTo as a "too-big-to-fail" national champion essential to the country's digital infrastructure.

Regulatory Uncertainty: The 8% Question

GoTo Corporate Secretary R A Koesoemohadiani clarified that the company is still awaiting the full legal text of the decree, which was announced by the President on May 1. The industry is particularly focused on whether the government will mandate a drastic reduction in the commissions—or "take rates"—that platforms charge.

“We will always support various efforts to continue providing sustainable benefits to all of the company’s driver partners,” Koesoemohadiani said in a statement on May 5. However, the company noted it cannot yet assess the material impact on its business model until the fine print regarding the rumored 8% cap is confirmed.

Sovereign Backing: Danantara Enters the Fray

Amid the regulatory noise, GoTo confirmed that the Daya Anagata Nusantara Investment Management Agency (Danantara) has officially become a shareholder. While the current stake is below 1%, the optics of a state-linked investment agency buying into GoTo during a period of volatility are significant.

The company views the investment as an endorsement of its long-term prospects. "This trust becomes a positive boost for the company to continue running business activities sustainably and professionally," Koesoemohadiani added. GoTo has been reporting these changes to the Indonesia Stock Exchange (IDX) since March 2026, though specific data on smaller stakes remains restricted to regulatory filings.

On-Demand Services: The Profit Engine

The urgency of the regulatory response is underscored by GoTo’s latest financial data. On-demand services—encompassing Gojek’s ride-hailing and delivery arms—accounted for a staggering 85% of the group’s total operating profit through the first quarter of 2026.

Any shift in the "take rate" directly hits this high-performing segment. For now, GoTo maintains that it has no plans for major corporate actions in the next six months and remains focused on navigating the new legal landscape to ensure its ecosystem remains viable for both customers and its millions of driver-partners.