🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 25 (from laksa088)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa025.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://thelowdown.momentum.asia/lessons-from-gojek-founders-arrest/\')), getAhrefsUnparsedNoserviceFromURL(\'https://thelowdown.momentum.asia/lessons-from-gojek-founders-arrest/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/thelowdown.momentum.asia\/lessons-from-gojek-founders-arrest\/","crawl_time":1776151532,"first_indexed_time":1757081426,"http_code":200,"src_unparsed":"asia,momentum!thelowdown,\/lessons-from-gojek-founders-arrest\/ s443","src_root_hash":"17199893334557485225","history_drop_reason":null,"meta_title":"Lessons from Gojek founder’s arrest - The Low Down - Momentum Works","meta_descriptions":["Indonesia’s larger chessboard"],"attrs_boilerpipe_text":"Former education minister and founder of Gojek Nadiem Makarim was detained by Indonesian investigators on 4 September.\nAnti-corruption probe\nHe was named as a suspect in the investigations of the US$600m Chromebook procurement case that happened during his tenure as education minister. Investigator Nurcahyo Jungkung Madyo said the case involved violation of Indonesia’s anti-corruption law.\nNadiem left his post as Gojek founder CEO in 2019 to serve as education minister under president Joko Widodo’s 2nd term. Many observers placed a lot of hope in that cabinet to drive modern changes in Indonesia’s politics. \nHowever, the covid pandemic as well as other internal and external challenges made the reality different from what people had hoped for.\nTech boom and bust\nGlobal tech markets were flooded with liquidity in 2020 and 2021. But when interest rates rose,  that wave also crushed a number of Indonesia’s high-profile tech companies.\nIn recent months, investigators have detained founders and\/or key executives of B2B startups eFishery and Tanihub, while seeking extradition of former CEO of P2P lender Investree who has fled to Qatar.\nThere are a number of other companies whose implosion is just a matter of time, and in a few cases, investors and founders have already taken measures to diffuse the time bomb.\nPolitics as a minefield\nThese corporate scandals, however, belong to a different category. The Nadiem case stands apart, even though Gojek could have been more professionally run in the years with Nadiem at the helm.\nHowever, there are many minefields once one steps into politics, especially in a large and complex country such as Indonesia. \nDuring its rise, Gojek (and therefore Nadiem) already stepped on many toes. As a minister trying to change the way things are done, you would inevitably run into conflict with many interest groups. \nYou will not always have the protection from the top.\nPlaying in a larger chessboard\nYou see similarities with reformers in ancient Chinese history (e.g. Shang Yang and Wang Anshi) or recent decades in Latin America (which I shall not name).\nThis reminds us of something Wang Xing, founder of Chinese food delivery player Meituan, wrote in 2018:\n“Good chess players usually know and accept that while they are making their own moves, they are also just pieces on a larger chessboard.”\nMeituan has been an investor in Gojek since 2018.\nWhat are the lessons for foreign founders and investors in Indonesia’s market? As one of our good friends in Indonesia once said: “Indonesia is not built for the outside world, nor should it be naturally that way”.\nFor foreign founders and investors, the message is simple: respect the market, add value, and build patiently. Success in Indonesia is possible – but only if you accept that you are also a piece on its larger chessboard.\nDiscipline and focus can pay off\nGoTo, as the merged Gojek-Tokopedia entity, has actually improved drastically in the last two years, in terms of not only financial performance but also discipline and professionalism. The divesture of\nTokopedia to TikTok Shop\nwas a masterstroke, executed with speed and focus.\nGoTo’s recent turnaround shows that discipline and focus can pay off.","attrs_markdown":"![](https:\/\/www.facebook.com\/tr?id=153280878763276&ev=PageView%0D%0A&noscript=1)\n\n[Linkedin](https:\/\/www.linkedin.com\/company\/10582957\/ \"Linkedin\")     [Spotify](https:\/\/open.spotify.com\/show\/0mdF3iNZaK0fpDW4Imk4ly?si=bb1e6570c990496c \"Spotify\")     [Twitter](https:\/\/x.com\/momentumasia \"Twitter\")     [Youtube](https:\/\/www.youtube.com\/@MomentumWorks \"Youtube\")\n\n- [Home](https:\/\/thelowdown.momentum.asia\/)\n- [Region](https:\/\/thelowdown.momentum.asia\/category\/region\/)\n  - [Rest of World](https:\/\/thelowdown.momentum.asia\/category\/region\/rest-of-world\/)\n  - [Rest of Asia](https:\/\/thelowdown.momentum.asia\/category\/region\/rest-of-asia\/)\n  - [USA](https:\/\/thelowdown.momentum.asia\/category\/region\/usa\/)\n  - [Europe](https:\/\/thelowdown.momentum.asia\/category\/region\/europe-region\/)\n  - [Southeast Asia](https:\/\/thelowdown.momentum.asia\/category\/region\/southeast-asia\/)\n  - [Latin America](https:\/\/thelowdown.momentum.asia\/category\/region\/latin-america\/)\n  - [Middle East](https:\/\/thelowdown.momentum.asia\/category\/region\/middle-east\/)\n  - [India](https:\/\/thelowdown.momentum.asia\/category\/region\/india\/)\n  - [China](https:\/\/thelowdown.momentum.asia\/category\/region\/china\/)\n- [Industry](https:\/\/thelowdown.momentum.asia\/category\/industry\/)\n  - [Mobility](https:\/\/thelowdown.momentum.asia\/category\/industry\/mobility\/)\n  - [Food Delivery](https:\/\/thelowdown.momentum.asia\/category\/industry\/food-delivery\/)\n  - [Investments](https:\/\/thelowdown.momentum.asia\/category\/industry\/investments\/)\n  - [New Retail and F\\&B](https:\/\/thelowdown.momentum.asia\/category\/industry\/new-retail-fb\/)\n  - [Emerging Tech & AI](https:\/\/thelowdown.momentum.asia\/category\/industry\/deep-tech-ai\/)\n  - [Automotive](https:\/\/thelowdown.momentum.asia\/category\/industry\/automotive\/)\n  - [Fintech](https:\/\/thelowdown.momentum.asia\/category\/industry\/fintech\/)\n  - [Ecommerce](https:\/\/thelowdown.momentum.asia\/category\/industry\/ecommerce\/)\n  - [Logistics](https:\/\/thelowdown.momentum.asia\/category\/industry\/logistics\/)\n  - [Content & Social](https:\/\/thelowdown.momentum.asia\/category\/industry\/content-social\/)\n- [Genre](https:\/\/thelowdown.momentum.asia\/category\/genre\/)\n  - [Newsroom](https:\/\/thelowdown.momentum.asia\/category\/genre\/newsroom\/)\n  - [POP-Leadership](https:\/\/thelowdown.momentum.asia\/category\/genre\/pop-leadership-genre\/)\n  - [Immersions](https:\/\/thelowdown.momentum.asia\/category\/genre\/immersions-genre\/)\n  - [Impulso](https:\/\/thelowdown.momentum.asia\/category\/genre\/impulso\/)\n  - [Grapevine](https:\/\/thelowdown.momentum.asia\/category\/genre\/grapevine\/)\n  - [Trends & Analysis](https:\/\/thelowdown.momentum.asia\/category\/genre\/trends-analysis\/)\n  - [Opinion](https:\/\/thelowdown.momentum.asia\/category\/genre\/opinion\/)\n- [Insights & Reports](https:\/\/momentum.asia\/insights\/)\n- [Immersions](https:\/\/momentum.asia\/immersions)\n- [Join our newsletter](https:\/\/thelowdown.momentum.asia\/lessons-from-gojek-founders-arrest\/)\n\nTuesday, April 14, 2026\n\n[Linkedin](https:\/\/www.linkedin.com\/company\/10582957\/ \"Linkedin\")     [Spotify](https:\/\/open.spotify.com\/show\/0mdF3iNZaK0fpDW4Imk4ly?si=bb1e6570c990496c \"Spotify\")     [Twitter](https:\/\/x.com\/momentumasia \"Twitter\")     [Youtube](https:\/\/www.youtube.com\/@MomentumWorks \"Youtube\")\n\nSign in\n\nWelcome! Log into your account\n\n[Forgot your password? Get help](https:\/\/thelowdown.momentum.asia\/lessons-from-gojek-founders-arrest\/)\n\nPassword recovery\n\nRecover your password\n\nA password will be e-mailed to you.\n\n[![The low down](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2024\/11\/6983bde6-2888-4a4a-934e-6da8bee72b1b-300x50.png)](https:\/\/thelowdown.momentum.asia\/)   [![The low down](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2024\/12\/6983bde6-2888-4a4a-934e-6da8bee72b1b-300x50-2-1.png) The Low Down – Momentum Works](https:\/\/thelowdown.momentum.asia\/)\n\n- [Home](https:\/\/thelowdown.momentum.asia\/)\n- [Region](https:\/\/thelowdown.momentum.asia\/category\/region\/)\n  - [All](https:\/\/thelowdown.momentum.asia\/category\/region\/)[Rest of World](https:\/\/thelowdown.momentum.asia\/category\/region\/rest-of-world\/)[Rest of Asia](https:\/\/thelowdown.momentum.asia\/category\/region\/rest-of-asia\/)[USA](https:\/\/thelowdown.momentum.asia\/category\/region\/usa\/)[Europe](https:\/\/thelowdown.momentum.asia\/category\/region\/europe-region\/)[Southeast Asia](https:\/\/thelowdown.momentum.asia\/category\/region\/southeast-asia\/)[Latin America](https:\/\/thelowdown.momentum.asia\/category\/region\/latin-america\/)[Middle East](https:\/\/thelowdown.momentum.asia\/category\/region\/middle-east\/)[India](https:\/\/thelowdown.momentum.asia\/category\/region\/india\/)[China](https:\/\/thelowdown.momentum.asia\/category\/region\/china\/)\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8\/ \"[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025\")\n    \n    ### [\\[New report\\] Southeast Asia’s platform ecommerce reaches US\\$157.6B in 2025](https:\/\/thelowdown.momentum.asia\/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8\/ \"[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn\/ \"Pop Mart after Labubu – what Southeast Asia ecommerce can learn\")\n    \n    ### [Pop Mart after Labubu – what Southeast Asia ecommerce can learn](https:\/\/thelowdown.momentum.asia\/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn\/ \"Pop Mart after Labubu – what Southeast Asia ecommerce can learn\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end\/ \"Chinese regulators calling an end to the food delivery war again. It might not end.\")\n    \n    ### [Chinese regulators calling an end to the food delivery war again….](https:\/\/thelowdown.momentum.asia\/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end\/ \"Chinese regulators calling an end to the food delivery war again. It might not end.\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/pdd-temu-parent-q4-2025-earnings-call-transcript\/ \"PDD (Temu parent) Q4 2025 earnings call transcript\")\n    \n    ### [PDD (Temu parent) Q4 2025 earnings call transcript](https:\/\/thelowdown.momentum.asia\/pdd-temu-parent-q4-2025-earnings-call-transcript\/ \"PDD (Temu parent) Q4 2025 earnings call transcript\")\n- [Industry](https:\/\/thelowdown.momentum.asia\/category\/industry\/)\n  - [All](https:\/\/thelowdown.momentum.asia\/category\/industry\/)[Mobility](https:\/\/thelowdown.momentum.asia\/category\/industry\/mobility\/)[Food Delivery](https:\/\/thelowdown.momentum.asia\/category\/industry\/food-delivery\/)[Investments](https:\/\/thelowdown.momentum.asia\/category\/industry\/investments\/)[New Retail and F\\&B](https:\/\/thelowdown.momentum.asia\/category\/industry\/new-retail-fb\/)[Emerging Tech & AI](https:\/\/thelowdown.momentum.asia\/category\/industry\/deep-tech-ai\/)[Automotive](https:\/\/thelowdown.momentum.asia\/category\/industry\/automotive\/)[Fintech](https:\/\/thelowdown.momentum.asia\/category\/industry\/fintech\/)[Ecommerce](https:\/\/thelowdown.momentum.asia\/category\/industry\/ecommerce\/)[Logistics](https:\/\/thelowdown.momentum.asia\/category\/industry\/logistics\/)[Content & Social](https:\/\/thelowdown.momentum.asia\/category\/industry\/content-social\/)\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8\/ \"[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025\")\n    \n    ### [\\[New report\\] Southeast Asia’s platform ecommerce reaches US\\$157.6B in 2025](https:\/\/thelowdown.momentum.asia\/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8\/ \"[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn\/ \"Pop Mart after Labubu – what Southeast Asia ecommerce can learn\")\n    \n    ### [Pop Mart after Labubu – what Southeast Asia ecommerce can learn](https:\/\/thelowdown.momentum.asia\/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn\/ \"Pop Mart after Labubu – what Southeast Asia ecommerce can learn\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end\/ \"Chinese regulators calling an end to the food delivery war again. It might not end.\")\n    \n    ### [Chinese regulators calling an end to the food delivery war again….](https:\/\/thelowdown.momentum.asia\/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end\/ \"Chinese regulators calling an end to the food delivery war again. It might not end.\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/pdd-temu-parent-q4-2025-earnings-call-transcript\/ \"PDD (Temu parent) Q4 2025 earnings call transcript\")\n    \n    ### [PDD (Temu parent) Q4 2025 earnings call transcript](https:\/\/thelowdown.momentum.asia\/pdd-temu-parent-q4-2025-earnings-call-transcript\/ \"PDD (Temu parent) Q4 2025 earnings call transcript\")\n- [Genre](https:\/\/thelowdown.momentum.asia\/category\/genre\/)\n  - [All](https:\/\/thelowdown.momentum.asia\/category\/genre\/)[Newsroom](https:\/\/thelowdown.momentum.asia\/category\/genre\/newsroom\/)[POP-Leadership](https:\/\/thelowdown.momentum.asia\/category\/genre\/pop-leadership-genre\/)[Immersions](https:\/\/thelowdown.momentum.asia\/category\/genre\/immersions-genre\/)[Impulso](https:\/\/thelowdown.momentum.asia\/category\/genre\/impulso\/)[Grapevine](https:\/\/thelowdown.momentum.asia\/category\/genre\/grapevine\/)[Trends & Analysis](https:\/\/thelowdown.momentum.asia\/category\/genre\/trends-analysis\/)[Opinion](https:\/\/thelowdown.momentum.asia\/category\/genre\/opinion\/)\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8\/ \"[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025\")\n    \n    ### [\\[New report\\] Southeast Asia’s platform ecommerce reaches US\\$157.6B in 2025](https:\/\/thelowdown.momentum.asia\/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8\/ \"[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn\/ \"Pop Mart after Labubu – what Southeast Asia ecommerce can learn\")\n    \n    ### [Pop Mart after Labubu – what Southeast Asia ecommerce can learn](https:\/\/thelowdown.momentum.asia\/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn\/ \"Pop Mart after Labubu – what Southeast Asia ecommerce can learn\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end\/ \"Chinese regulators calling an end to the food delivery war again. It might not end.\")\n    \n    ### [Chinese regulators calling an end to the food delivery war again….](https:\/\/thelowdown.momentum.asia\/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end\/ \"Chinese regulators calling an end to the food delivery war again. It might not end.\")\n    \n    [![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https:\/\/thelowdown.momentum.asia\/pdd-temu-parent-q4-2025-earnings-call-transcript\/ \"PDD (Temu parent) Q4 2025 earnings call transcript\")\n    \n    ### [PDD (Temu parent) Q4 2025 earnings call transcript](https:\/\/thelowdown.momentum.asia\/pdd-temu-parent-q4-2025-earnings-call-transcript\/ \"PDD (Temu parent) Q4 2025 earnings call transcript\")\n- [Insights & Reports](https:\/\/momentum.asia\/insights\/)\n- [Immersions](https:\/\/momentum.asia\/immersions)\n- [Join our newsletter](https:\/\/thelowdown.momentum.asia\/lessons-from-gojek-founders-arrest\/)\n\n[Home](https:\/\/thelowdown.momentum.asia\/)  [Industry](https:\/\/thelowdown.momentum.asia\/category\/industry\/ \"View all posts in Industry\")  [Investments](https:\/\/thelowdown.momentum.asia\/category\/industry\/investments\/ \"View all posts in Investments\")  Lessons from Gojek founder’s arrest\n\n[![](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2025\/09\/Podcast-YouTube-Photos-1-1068x601.jpg)](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2025\/09\/Podcast-YouTube-Photos-1.jpg)\n\n- [Investments](https:\/\/thelowdown.momentum.asia\/category\/industry\/investments\/)\n- [Trends & Analysis](https:\/\/thelowdown.momentum.asia\/category\/genre\/trends-analysis\/)\n- [Southeast Asia](https:\/\/thelowdown.momentum.asia\/category\/region\/southeast-asia\/)\n# Lessons from Gojek founder’s arrest\nBy\n\n[Sophia Fernandez](https:\/\/thelowdown.momentum.asia\/author\/sophia-fernandez\/)\n\n\\-\n\nSeptember 5, 2025\n\n2125\n\nFormer education minister and founder of Gojek Nadiem Makarim was detained by Indonesian investigators on 4 September.\n\n**Anti-corruption probe**\n\nHe was named as a suspect in the investigations of the US\\$600m Chromebook procurement case that happened during his tenure as education minister. Investigator Nurcahyo Jungkung Madyo said the case involved violation of Indonesia’s anti-corruption law.\n\nNadiem left his post as Gojek founder CEO in 2019 to serve as education minister under president Joko Widodo’s 2nd term. Many observers placed a lot of hope in that cabinet to drive modern changes in Indonesia’s politics.\n\n![](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2025\/09\/Podcast-YouTube-Photos.jpg)\n\nHowever, the covid pandemic as well as other internal and external challenges made the reality different from what people had hoped for.\n\n**Tech boom and bust**\n\nGlobal tech markets were flooded with liquidity in 2020 and 2021. But when interest rates rose, that wave also crushed a number of Indonesia’s high-profile tech companies.\n\nIn recent months, investigators have detained founders and\/or key executives of B2B startups eFishery and Tanihub, while seeking extradition of former CEO of P2P lender Investree who has fled to Qatar.\n\nThere are a number of other companies whose implosion is just a matter of time, and in a few cases, investors and founders have already taken measures to diffuse the time bomb.\n\n**Politics as a minefield**   \n These corporate scandals, however, belong to a different category. The Nadiem case stands apart, even though Gojek could have been more professionally run in the years with Nadiem at the helm.\n\nHowever, there are many minefields once one steps into politics, especially in a large and complex country such as Indonesia.\n\nDuring its rise, Gojek (and therefore Nadiem) already stepped on many toes. As a minister trying to change the way things are done, you would inevitably run into conflict with many interest groups. You will not always have the protection from the top.\n\n**Playing in a larger chessboard**\n\nYou see similarities with reformers in ancient Chinese history (e.g. Shang Yang and Wang Anshi) or recent decades in Latin America (which I shall not name).\n\nThis reminds us of something Wang Xing, founder of Chinese food delivery player Meituan, wrote in 2018: **“Good chess players usually know and accept that while they are making their own moves, they are also just pieces on a larger chessboard.”**\n\n![](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-05-at-11.06.56%E2%80%AFAM-300x100.png)\n\nMeituan has been an investor in Gojek since 2018.\n\nWhat are the lessons for foreign founders and investors in Indonesia’s market? As one of our good friends in Indonesia once said: “Indonesia is not built for the outside world, nor should it be naturally that way”.\n\nFor foreign founders and investors, the message is simple: respect the market, add value, and build patiently. Success in Indonesia is possible – but only if you accept that you are also a piece on its larger chessboard.\n\n**Discipline and focus can pay off** GoTo, as the merged Gojek-Tokopedia entity, has actually improved drastically in the last two years, in terms of not only financial performance but also discipline and professionalism. The divesture of [Tokopedia to TikTok Shop](https:\/\/thelowdown.momentum.asia\/winners-and-losers-of-the-tiktok-goto-deal\/) was a masterstroke, executed with speed and focus.\n\nGoTo’s recent turnaround shows that discipline and focus can pay off.\n\n[Sophia Fernandez](https:\/\/thelowdown.momentum.asia\/author\/sophia-fernandez\/)\n\n#### Join the Momentum Works Insider list\n[![Follow us on LinkedIn](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2025\/10\/3357DCB5-A3D7-4AD8-AACB-913A78650334_1_201_a.jpeg)](https:\/\/www.linkedin.com\/company\/momentum-works\/)\n\n#### NEW REPORT\n![](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2026\/04\/Ecommerce-in-Southeast-Asia-2026_V4.0_MW_Apr-2026-1.jpg)\n\nEcommerce in Southeast Asia has surged to US\\$157.6 billion in platform GMV in 2025, nearly tripling since 2020. Yet growth alone no longer defines the landscape – competition is taking on a new shape.\n\nRead more about it [here](https:\/\/momentum.asia\/insights\/detail\/coffee-and-tea-chains-in-southeast-asia?utm_source=tld&utm_medium=referral&utm_campaign=leads_purchase_coffeesea2026&utm_content=sidebar).\n\n#### LATEST BOOK\n[![chinese tech companies](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2022\/07\/book-cover.jpeg)](https:\/\/www.amazon.com\/Seeing-Unseen-Behind-Chinese-Venturing\/dp\/1119885833\/)\n\n**Seeing the Unseen – Behind Chinese tech giants’ global venturing**\n\nTake a peek into the rarely examined space of China’s rapidly growing tech companies and the People, Organisation, Product and Leadership (POPL) factors that help them thrive.\n\n**Order your copy [here](https:\/\/www.amazon.com\/Seeing-Unseen-Behind-Chinese-Venturing\/dp\/1119885833) now.**\n\n#### EDITOR PICKS\n[![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https:\/\/thelowdown.momentum.asia\/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8\/ \"[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025\")\n\n### [\\[New report\\] Southeast Asia’s platform ecommerce reaches US\\$157.6B in 2025](https:\/\/thelowdown.momentum.asia\/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8\/ \"[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025\")\nApril 14, 2026\n\n[![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https:\/\/thelowdown.momentum.asia\/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn\/ \"Pop Mart after Labubu – what Southeast Asia ecommerce can learn\")\n\n### [Pop Mart after Labubu – what Southeast Asia ecommerce can learn](https:\/\/thelowdown.momentum.asia\/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn\/ \"Pop Mart after Labubu – what Southeast Asia ecommerce can learn\")\nApril 7, 2026\n\n[![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https:\/\/thelowdown.momentum.asia\/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end\/ \"Chinese regulators calling an end to the food delivery war again. It might not end.\")\n\n### [Chinese regulators calling an end to the food delivery war again....](https:\/\/thelowdown.momentum.asia\/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end\/ \"Chinese regulators calling an end to the food delivery war again. It might not end.\")\nMarch 26, 2026\n\n#### POPULAR POSTS\n[![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https:\/\/thelowdown.momentum.asia\/why-many-chinese-find-it-hard-to-work-with-indians\/ \"Why many Chinese find it hard to work with Indians\")\n\n### [Why many Chinese find it hard to work with Indians](https:\/\/thelowdown.momentum.asia\/why-many-chinese-find-it-hard-to-work-with-indians\/ \"Why many Chinese find it hard to work with Indians\")\nApril 27, 2018\n\n[![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https:\/\/thelowdown.momentum.asia\/who-are-the-investors-behind-grab\/ \"Who are the investors behind Grab?\")\n\n### [Who are the investors behind Grab?](https:\/\/thelowdown.momentum.asia\/who-are-the-investors-behind-grab\/ \"Who are the investors behind Grab?\")\nJanuary 31, 2019\n\n[![](data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https:\/\/thelowdown.momentum.asia\/how-did-shopee-overtake-lazada-as-the-leading-ecommerce-firm-in-sea\/ \"How did Shopee overtake Lazada as the leading ecommerce firm in SEA?\")\n\n### [How did Shopee overtake Lazada as the leading ecommerce firm in...](https:\/\/thelowdown.momentum.asia\/how-did-shopee-overtake-lazada-as-the-leading-ecommerce-firm-in-sea\/ \"How did Shopee overtake Lazada as the leading ecommerce firm in SEA?\")\nJuly 17, 2020\n\n#### POPULAR CATEGORY\n- [Ecommerce657](https:\/\/thelowdown.momentum.asia\/category\/industry\/ecommerce\/)\n- [Southeast Asia710](https:\/\/thelowdown.momentum.asia\/category\/region\/southeast-asia\/)\n- [Logistics149](https:\/\/thelowdown.momentum.asia\/category\/industry\/logistics\/)\n- [Content & Social202](https:\/\/thelowdown.momentum.asia\/category\/industry\/content-social\/)\n- [Latin America60](https:\/\/thelowdown.momentum.asia\/category\/region\/latin-america\/)\n- [Middle East56](https:\/\/thelowdown.momentum.asia\/category\/region\/middle-east\/)\n- [India49](https:\/\/thelowdown.momentum.asia\/category\/region\/india\/)\n- [China532](https:\/\/thelowdown.momentum.asia\/category\/region\/china\/)\n\n[![The low down](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2024\/12\/6983bde6-2888-4a4a-934e-6da8bee72b1b-300x50-2-1.png)](https:\/\/thelowdown.momentum.asia\/)\n\nABOUT US\n\nThe Low Down (TLD) is a blog by the team at [Momentum Works](http:\/\/momentum.asia\/), a Singapore-headquartered venture outfit. Here we share our thoughts on tech, innovation and the ecommerce ecosystem in China, Southeast Asia and beyond. Find out more about us by heading to our [website](http:\/\/momentum.asia\/).\n\nContact us: [\\[email protected\\]](https:\/\/thelowdown.momentum.asia\/cdn-cgi\/l\/email-protection#0f676a6363604f6278607d647c216e7c666e)\n\nFOLLOW US\n\n[Linkedin](https:\/\/www.linkedin.com\/company\/10582957\/ \"Linkedin\")     [Spotify](https:\/\/open.spotify.com\/show\/0mdF3iNZaK0fpDW4Imk4ly?si=bb1e6570c990496c \"Spotify\")     [Twitter](https:\/\/x.com\/momentumasia \"Twitter\")     [Youtube](https:\/\/www.youtube.com\/@MomentumWorks \"Youtube\")\n\n© 2016 - 2026 Momentum Works\n\n![](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2026\/01\/stayupdate-012026-3.png)\n\nYou have successfully subscribed to the newsletter\n\nThere was an error while trying to send your request. Please try again.\n\n![](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2026\/01\/stayupdate-012026-3.png)\n\nYou have successfully subscribed to the newsletter\n\nThere was an error while trying to send your request. Please try again.\n\n##\n##\nLoading Comments...\n\n###","attrs_readable_markdown":"Former education minister and founder of Gojek Nadiem Makarim was detained by Indonesian investigators on 4 September.\n\n**Anti-corruption probe**\n\nHe was named as a suspect in the investigations of the US\\$600m Chromebook procurement case that happened during his tenure as education minister. Investigator Nurcahyo Jungkung Madyo said the case involved violation of Indonesia’s anti-corruption law.\n\nNadiem left his post as Gojek founder CEO in 2019 to serve as education minister under president Joko Widodo’s 2nd term. Many observers placed a lot of hope in that cabinet to drive modern changes in Indonesia’s politics.\n\n![](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2025\/09\/Podcast-YouTube-Photos.jpg)\n\nHowever, the covid pandemic as well as other internal and external challenges made the reality different from what people had hoped for.\n\n**Tech boom and bust**\n\nGlobal tech markets were flooded with liquidity in 2020 and 2021. But when interest rates rose, that wave also crushed a number of Indonesia’s high-profile tech companies.\n\nIn recent months, investigators have detained founders and\/or key executives of B2B startups eFishery and Tanihub, while seeking extradition of former CEO of P2P lender Investree who has fled to Qatar.\n\nThere are a number of other companies whose implosion is just a matter of time, and in a few cases, investors and founders have already taken measures to diffuse the time bomb.\n\n**Politics as a minefield**   \n These corporate scandals, however, belong to a different category. The Nadiem case stands apart, even though Gojek could have been more professionally run in the years with Nadiem at the helm.\n\nHowever, there are many minefields once one steps into politics, especially in a large and complex country such as Indonesia.\n\nDuring its rise, Gojek (and therefore Nadiem) already stepped on many toes. As a minister trying to change the way things are done, you would inevitably run into conflict with many interest groups. You will not always have the protection from the top.\n\n**Playing in a larger chessboard**\n\nYou see similarities with reformers in ancient Chinese history (e.g. Shang Yang and Wang Anshi) or recent decades in Latin America (which I shall not name).\n\nThis reminds us of something Wang Xing, founder of Chinese food delivery player Meituan, wrote in 2018: **“Good chess players usually know and accept that while they are making their own moves, they are also just pieces on a larger chessboard.”**\n\n![](https:\/\/thelowdown.momentum.asia\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-05-at-11.06.56%E2%80%AFAM-300x100.png)\n\nMeituan has been an investor in Gojek since 2018.\n\nWhat are the lessons for foreign founders and investors in Indonesia’s market? As one of our good friends in Indonesia once said: “Indonesia is not built for the outside world, nor should it be naturally that way”.\n\nFor foreign founders and investors, the message is simple: respect the market, add value, and build patiently. Success in Indonesia is possible – but only if you accept that you are also a piece on its larger chessboard.\n\n**Discipline and focus can pay off** GoTo, as the merged Gojek-Tokopedia entity, has actually improved drastically in the last two years, in terms of not only financial performance but also discipline and professionalism. The divesture of [Tokopedia to TikTok Shop](https:\/\/thelowdown.momentum.asia\/winners-and-losers-of-the-tiktok-goto-deal\/) was a masterstroke, executed with speed and focus.\n\nGoTo’s recent turnaround shows that discipline and focus can pay off.","meta_canonical":null,"ml_categories_json":"{\"\/Law_and_Government\":673,\"\/Law_and_Government\/Legal\":542,\"\/Law_and_Government\/Legal\/Business_and_Corporate_Law\":359,\"\/News\":292,\"\/News\/Politics\":264,\"\/News\/Politics\/Campaigns_and_Elections\":228,\"\/People_and_Society\":191,\"\/People_and_Society\/Social_Issues_and_Advocacy\":158,\"\/Business_and_Industrial\":140}","ml_types_json":"{\"\/Article\":997,\"\/Article\/News_Update\":499}","ml_intent_types_json":"{\"Informational\":999}","meta_language":"en-us","attrs_author":"Sophia Fernandez","attrs_publish_time":1757041352,"attrs_original_publish_time":1757041352,"attrs_is_republished":0,"attrs_nr_words":"1297","attrs_boilerpipe_nr_words":"522","body_ext_links_number":9,"body_int_links_number":49,"meta_nofollow":0,"meta_noarchive":0,"props_was_rendered":0,"src_redirect":"","download_time_msec":1592,"download_ttfb_msec":1187,"download_size":44309}

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Former education minister and founder of Gojek Nadiem Makarim was detained by Indonesian investigators on 4 September. Anti-corruption probe He was named as a suspect in the investigations of the US$600m Chromebook procurement case that happened during his tenure as education minister. Investigator Nurcahyo Jungkung Madyo said the case involved violation of Indonesia’s anti-corruption law. Nadiem left his post as Gojek founder CEO in 2019 to serve as education minister under president Joko Widodo’s 2nd term. Many observers placed a lot of hope in that cabinet to drive modern changes in Indonesia’s politics. However, the covid pandemic as well as other internal and external challenges made the reality different from what people had hoped for. Tech boom and bust Global tech markets were flooded with liquidity in 2020 and 2021. But when interest rates rose, that wave also crushed a number of Indonesia’s high-profile tech companies. In recent months, investigators have detained founders and/or key executives of B2B startups eFishery and Tanihub, while seeking extradition of former CEO of P2P lender Investree who has fled to Qatar. There are a number of other companies whose implosion is just a matter of time, and in a few cases, investors and founders have already taken measures to diffuse the time bomb. Politics as a minefield These corporate scandals, however, belong to a different category. The Nadiem case stands apart, even though Gojek could have been more professionally run in the years with Nadiem at the helm. However, there are many minefields once one steps into politics, especially in a large and complex country such as Indonesia. During its rise, Gojek (and therefore Nadiem) already stepped on many toes. As a minister trying to change the way things are done, you would inevitably run into conflict with many interest groups. You will not always have the protection from the top. Playing in a larger chessboard You see similarities with reformers in ancient Chinese history (e.g. Shang Yang and Wang Anshi) or recent decades in Latin America (which I shall not name). This reminds us of something Wang Xing, founder of Chinese food delivery player Meituan, wrote in 2018: “Good chess players usually know and accept that while they are making their own moves, they are also just pieces on a larger chessboard.” Meituan has been an investor in Gojek since 2018. What are the lessons for foreign founders and investors in Indonesia’s market? As one of our good friends in Indonesia once said: “Indonesia is not built for the outside world, nor should it be naturally that way”. For foreign founders and investors, the message is simple: respect the market, add value, and build patiently. Success in Indonesia is possible – but only if you accept that you are also a piece on its larger chessboard. Discipline and focus can pay off GoTo, as the merged Gojek-Tokopedia entity, has actually improved drastically in the last two years, in terms of not only financial performance but also discipline and professionalism. The divesture of Tokopedia to TikTok Shop was a masterstroke, executed with speed and focus. GoTo’s recent turnaround shows that discipline and focus can pay off.

Markdown

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Log into your account [Forgot your password? Get help](https://thelowdown.momentum.asia/lessons-from-gojek-founders-arrest/) Password recovery Recover your password A password will be e-mailed to you. [![The low down](https://thelowdown.momentum.asia/wp-content/uploads/2024/11/6983bde6-2888-4a4a-934e-6da8bee72b1b-300x50.png)](https://thelowdown.momentum.asia/) [![The low down](https://thelowdown.momentum.asia/wp-content/uploads/2024/12/6983bde6-2888-4a4a-934e-6da8bee72b1b-300x50-2-1.png) The Low Down – Momentum Works](https://thelowdown.momentum.asia/) - [Home](https://thelowdown.momentum.asia/) - [Region](https://thelowdown.momentum.asia/category/region/) - [All](https://thelowdown.momentum.asia/category/region/)[Rest of World](https://thelowdown.momentum.asia/category/region/rest-of-world/)[Rest of Asia](https://thelowdown.momentum.asia/category/region/rest-of-asia/)[USA](https://thelowdown.momentum.asia/category/region/usa/)[Europe](https://thelowdown.momentum.asia/category/region/europe-region/)[Southeast Asia](https://thelowdown.momentum.asia/category/region/southeast-asia/)[Latin America](https://thelowdown.momentum.asia/category/region/latin-america/)[Middle East](https://thelowdown.momentum.asia/category/region/middle-east/)[India](https://thelowdown.momentum.asia/category/region/india/)[China](https://thelowdown.momentum.asia/category/region/china/) [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/ "[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025") ### [\[New report\] Southeast Asia’s platform ecommerce reaches US\$157.6B in 2025](https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/ "[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn/ "Pop Mart after Labubu – what Southeast Asia ecommerce can learn") ### [Pop Mart after Labubu – what Southeast Asia ecommerce can learn](https://thelowdown.momentum.asia/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn/ "Pop Mart after Labubu – what Southeast Asia ecommerce can learn") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end/ "Chinese regulators calling an end to the food delivery war again. It might not end.") ### [Chinese regulators calling an end to the food delivery war again….](https://thelowdown.momentum.asia/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end/ "Chinese regulators calling an end to the food delivery war again. It might not end.") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/pdd-temu-parent-q4-2025-earnings-call-transcript/ "PDD (Temu parent) Q4 2025 earnings call transcript") ### [PDD (Temu parent) Q4 2025 earnings call transcript](https://thelowdown.momentum.asia/pdd-temu-parent-q4-2025-earnings-call-transcript/ "PDD (Temu parent) Q4 2025 earnings call transcript") - [Industry](https://thelowdown.momentum.asia/category/industry/) - [All](https://thelowdown.momentum.asia/category/industry/)[Mobility](https://thelowdown.momentum.asia/category/industry/mobility/)[Food Delivery](https://thelowdown.momentum.asia/category/industry/food-delivery/)[Investments](https://thelowdown.momentum.asia/category/industry/investments/)[New Retail and F\&B](https://thelowdown.momentum.asia/category/industry/new-retail-fb/)[Emerging Tech & AI](https://thelowdown.momentum.asia/category/industry/deep-tech-ai/)[Automotive](https://thelowdown.momentum.asia/category/industry/automotive/)[Fintech](https://thelowdown.momentum.asia/category/industry/fintech/)[Ecommerce](https://thelowdown.momentum.asia/category/industry/ecommerce/)[Logistics](https://thelowdown.momentum.asia/category/industry/logistics/)[Content & Social](https://thelowdown.momentum.asia/category/industry/content-social/) [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/ "[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025") ### [\[New report\] Southeast Asia’s platform ecommerce reaches US\$157.6B in 2025](https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/ "[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn/ "Pop Mart after Labubu – what Southeast Asia ecommerce can learn") ### [Pop Mart after Labubu – what Southeast Asia ecommerce can learn](https://thelowdown.momentum.asia/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn/ "Pop Mart after Labubu – what Southeast Asia ecommerce can learn") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end/ "Chinese regulators calling an end to the food delivery war again. It might not end.") ### [Chinese regulators calling an end to the food delivery war again….](https://thelowdown.momentum.asia/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end/ "Chinese regulators calling an end to the food delivery war again. It might not end.") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/pdd-temu-parent-q4-2025-earnings-call-transcript/ "PDD (Temu parent) Q4 2025 earnings call transcript") ### [PDD (Temu parent) Q4 2025 earnings call transcript](https://thelowdown.momentum.asia/pdd-temu-parent-q4-2025-earnings-call-transcript/ "PDD (Temu parent) Q4 2025 earnings call transcript") - [Genre](https://thelowdown.momentum.asia/category/genre/) - [All](https://thelowdown.momentum.asia/category/genre/)[Newsroom](https://thelowdown.momentum.asia/category/genre/newsroom/)[POP-Leadership](https://thelowdown.momentum.asia/category/genre/pop-leadership-genre/)[Immersions](https://thelowdown.momentum.asia/category/genre/immersions-genre/)[Impulso](https://thelowdown.momentum.asia/category/genre/impulso/)[Grapevine](https://thelowdown.momentum.asia/category/genre/grapevine/)[Trends & Analysis](https://thelowdown.momentum.asia/category/genre/trends-analysis/)[Opinion](https://thelowdown.momentum.asia/category/genre/opinion/) [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/ "[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025") ### [\[New report\] Southeast Asia’s platform ecommerce reaches US\$157.6B in 2025](https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/ "[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn/ "Pop Mart after Labubu – what Southeast Asia ecommerce can learn") ### [Pop Mart after Labubu – what Southeast Asia ecommerce can learn](https://thelowdown.momentum.asia/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn/ "Pop Mart after Labubu – what Southeast Asia ecommerce can learn") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end/ "Chinese regulators calling an end to the food delivery war again. It might not end.") ### [Chinese regulators calling an end to the food delivery war again….](https://thelowdown.momentum.asia/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end/ "Chinese regulators calling an end to the food delivery war again. It might not end.") [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAANoAAACWAQMAAACCSQSPAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABpJREFUWMPtwQENAAAAwiD7p7bHBwwAAAAg7RD+AAGXD7BoAAAAAElFTkSuQmCC)](https://thelowdown.momentum.asia/pdd-temu-parent-q4-2025-earnings-call-transcript/ "PDD (Temu parent) Q4 2025 earnings call transcript") ### [PDD (Temu parent) Q4 2025 earnings call transcript](https://thelowdown.momentum.asia/pdd-temu-parent-q4-2025-earnings-call-transcript/ "PDD (Temu parent) Q4 2025 earnings call transcript") - [Insights & Reports](https://momentum.asia/insights/) - [Immersions](https://momentum.asia/immersions) - [Join our newsletter](https://thelowdown.momentum.asia/lessons-from-gojek-founders-arrest/) [Home](https://thelowdown.momentum.asia/) [Industry](https://thelowdown.momentum.asia/category/industry/ "View all posts in Industry") [Investments](https://thelowdown.momentum.asia/category/industry/investments/ "View all posts in Investments") Lessons from Gojek founder’s arrest [![](https://thelowdown.momentum.asia/wp-content/uploads/2025/09/Podcast-YouTube-Photos-1-1068x601.jpg)](https://thelowdown.momentum.asia/wp-content/uploads/2025/09/Podcast-YouTube-Photos-1.jpg) - [Investments](https://thelowdown.momentum.asia/category/industry/investments/) - [Trends & Analysis](https://thelowdown.momentum.asia/category/genre/trends-analysis/) - [Southeast Asia](https://thelowdown.momentum.asia/category/region/southeast-asia/) # Lessons from Gojek founder’s arrest By [Sophia Fernandez](https://thelowdown.momentum.asia/author/sophia-fernandez/) \- September 5, 2025 2125 Former education minister and founder of Gojek Nadiem Makarim was detained by Indonesian investigators on 4 September. **Anti-corruption probe** He was named as a suspect in the investigations of the US\$600m Chromebook procurement case that happened during his tenure as education minister. Investigator Nurcahyo Jungkung Madyo said the case involved violation of Indonesia’s anti-corruption law. Nadiem left his post as Gojek founder CEO in 2019 to serve as education minister under president Joko Widodo’s 2nd term. Many observers placed a lot of hope in that cabinet to drive modern changes in Indonesia’s politics. ![](https://thelowdown.momentum.asia/wp-content/uploads/2025/09/Podcast-YouTube-Photos.jpg) However, the covid pandemic as well as other internal and external challenges made the reality different from what people had hoped for. **Tech boom and bust** Global tech markets were flooded with liquidity in 2020 and 2021. But when interest rates rose, that wave also crushed a number of Indonesia’s high-profile tech companies. In recent months, investigators have detained founders and/or key executives of B2B startups eFishery and Tanihub, while seeking extradition of former CEO of P2P lender Investree who has fled to Qatar. There are a number of other companies whose implosion is just a matter of time, and in a few cases, investors and founders have already taken measures to diffuse the time bomb. **Politics as a minefield** These corporate scandals, however, belong to a different category. The Nadiem case stands apart, even though Gojek could have been more professionally run in the years with Nadiem at the helm. However, there are many minefields once one steps into politics, especially in a large and complex country such as Indonesia. During its rise, Gojek (and therefore Nadiem) already stepped on many toes. As a minister trying to change the way things are done, you would inevitably run into conflict with many interest groups. You will not always have the protection from the top. **Playing in a larger chessboard** You see similarities with reformers in ancient Chinese history (e.g. Shang Yang and Wang Anshi) or recent decades in Latin America (which I shall not name). This reminds us of something Wang Xing, founder of Chinese food delivery player Meituan, wrote in 2018: **“Good chess players usually know and accept that while they are making their own moves, they are also just pieces on a larger chessboard.”** ![](https://thelowdown.momentum.asia/wp-content/uploads/2025/09/Screenshot-2025-09-05-at-11.06.56%E2%80%AFAM-300x100.png) Meituan has been an investor in Gojek since 2018. What are the lessons for foreign founders and investors in Indonesia’s market? As one of our good friends in Indonesia once said: “Indonesia is not built for the outside world, nor should it be naturally that way”. For foreign founders and investors, the message is simple: respect the market, add value, and build patiently. Success in Indonesia is possible – but only if you accept that you are also a piece on its larger chessboard. **Discipline and focus can pay off** GoTo, as the merged Gojek-Tokopedia entity, has actually improved drastically in the last two years, in terms of not only financial performance but also discipline and professionalism. The divesture of [Tokopedia to TikTok Shop](https://thelowdown.momentum.asia/winners-and-losers-of-the-tiktok-goto-deal/) was a masterstroke, executed with speed and focus. GoTo’s recent turnaround shows that discipline and focus can pay off. [Sophia Fernandez](https://thelowdown.momentum.asia/author/sophia-fernandez/) #### Join the Momentum Works Insider list [![Follow us on LinkedIn](https://thelowdown.momentum.asia/wp-content/uploads/2025/10/3357DCB5-A3D7-4AD8-AACB-913A78650334_1_201_a.jpeg)](https://www.linkedin.com/company/momentum-works/) #### NEW REPORT ![](https://thelowdown.momentum.asia/wp-content/uploads/2026/04/Ecommerce-in-Southeast-Asia-2026_V4.0_MW_Apr-2026-1.jpg) Ecommerce in Southeast Asia has surged to US\$157.6 billion in platform GMV in 2025, nearly tripling since 2020. Yet growth alone no longer defines the landscape – competition is taking on a new shape. Read more about it [here](https://momentum.asia/insights/detail/coffee-and-tea-chains-in-southeast-asia?utm_source=tld&utm_medium=referral&utm_campaign=leads_purchase_coffeesea2026&utm_content=sidebar). #### LATEST BOOK [![chinese tech companies](https://thelowdown.momentum.asia/wp-content/uploads/2022/07/book-cover.jpeg)](https://www.amazon.com/Seeing-Unseen-Behind-Chinese-Venturing/dp/1119885833/) **Seeing the Unseen – Behind Chinese tech giants’ global venturing** Take a peek into the rarely examined space of China’s rapidly growing tech companies and the People, Organisation, Product and Leadership (POPL) factors that help them thrive. **Order your copy [here](https://www.amazon.com/Seeing-Unseen-Behind-Chinese-Venturing/dp/1119885833) now.** #### EDITOR PICKS [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/ "[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025") ### [\[New report\] Southeast Asia’s platform ecommerce reaches US\$157.6B in 2025](https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/ "[New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025") April 14, 2026 [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https://thelowdown.momentum.asia/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn/ "Pop Mart after Labubu – what Southeast Asia ecommerce can learn") ### [Pop Mart after Labubu – what Southeast Asia ecommerce can learn](https://thelowdown.momentum.asia/pop-mart-after-labubu-what-southeast-asia-ecommerce-can-learn/ "Pop Mart after Labubu – what Southeast Asia ecommerce can learn") April 7, 2026 [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https://thelowdown.momentum.asia/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end/ "Chinese regulators calling an end to the food delivery war again. It might not end.") ### [Chinese regulators calling an end to the food delivery war again....](https://thelowdown.momentum.asia/chinese-regulators-calling-an-end-to-the-food-delivery-war-again-it-might-not-end/ "Chinese regulators calling an end to the food delivery war again. It might not end.") March 26, 2026 #### POPULAR POSTS [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https://thelowdown.momentum.asia/why-many-chinese-find-it-hard-to-work-with-indians/ "Why many Chinese find it hard to work with Indians") ### [Why many Chinese find it hard to work with Indians](https://thelowdown.momentum.asia/why-many-chinese-find-it-hard-to-work-with-indians/ "Why many Chinese find it hard to work with Indians") April 27, 2018 [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https://thelowdown.momentum.asia/who-are-the-investors-behind-grab/ "Who are the investors behind Grab?") ### [Who are the investors behind Grab?](https://thelowdown.momentum.asia/who-are-the-investors-behind-grab/ "Who are the investors behind Grab?") January 31, 2019 [![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGQAAABGAQMAAAAASKMqAAAAA1BMVEWurq51dlI4AAAAAXRSTlMmkutdmwAAABBJREFUKM9jGAWjYBQMKwAAA9QAAQWBn6cAAAAASUVORK5CYII=)](https://thelowdown.momentum.asia/how-did-shopee-overtake-lazada-as-the-leading-ecommerce-firm-in-sea/ "How did Shopee overtake Lazada as the leading ecommerce firm in SEA?") ### [How did Shopee overtake Lazada as the leading ecommerce firm in...](https://thelowdown.momentum.asia/how-did-shopee-overtake-lazada-as-the-leading-ecommerce-firm-in-sea/ "How did Shopee overtake Lazada as the leading ecommerce firm in SEA?") July 17, 2020 #### POPULAR CATEGORY - [Ecommerce657](https://thelowdown.momentum.asia/category/industry/ecommerce/) - [Southeast Asia710](https://thelowdown.momentum.asia/category/region/southeast-asia/) - [Logistics149](https://thelowdown.momentum.asia/category/industry/logistics/) - [Content & Social202](https://thelowdown.momentum.asia/category/industry/content-social/) - [Latin America60](https://thelowdown.momentum.asia/category/region/latin-america/) - [Middle East56](https://thelowdown.momentum.asia/category/region/middle-east/) - [India49](https://thelowdown.momentum.asia/category/region/india/) - [China532](https://thelowdown.momentum.asia/category/region/china/) [![The low down](https://thelowdown.momentum.asia/wp-content/uploads/2024/12/6983bde6-2888-4a4a-934e-6da8bee72b1b-300x50-2-1.png)](https://thelowdown.momentum.asia/) ABOUT US The Low Down (TLD) is a blog by the team at [Momentum Works](http://momentum.asia/), a Singapore-headquartered venture outfit. Here we share our thoughts on tech, innovation and the ecommerce ecosystem in China, Southeast Asia and beyond. Find out more about us by heading to our [website](http://momentum.asia/). Contact us: [\[email protected\]](https://thelowdown.momentum.asia/cdn-cgi/l/email-protection#0f676a6363604f6278607d647c216e7c666e) FOLLOW US [Linkedin](https://www.linkedin.com/company/10582957/ "Linkedin") [Spotify](https://open.spotify.com/show/0mdF3iNZaK0fpDW4Imk4ly?si=bb1e6570c990496c "Spotify") [Twitter](https://x.com/momentumasia "Twitter") [Youtube](https://www.youtube.com/@MomentumWorks "Youtube") © 2016 - 2026 Momentum Works ![](https://thelowdown.momentum.asia/wp-content/uploads/2026/01/stayupdate-012026-3.png) You have successfully subscribed to the newsletter There was an error while trying to send your request. 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Former education minister and founder of Gojek Nadiem Makarim was detained by Indonesian investigators on 4 September. **Anti-corruption probe** He was named as a suspect in the investigations of the US\$600m Chromebook procurement case that happened during his tenure as education minister. Investigator Nurcahyo Jungkung Madyo said the case involved violation of Indonesia’s anti-corruption law. Nadiem left his post as Gojek founder CEO in 2019 to serve as education minister under president Joko Widodo’s 2nd term. Many observers placed a lot of hope in that cabinet to drive modern changes in Indonesia’s politics. ![](https://thelowdown.momentum.asia/wp-content/uploads/2025/09/Podcast-YouTube-Photos.jpg) However, the covid pandemic as well as other internal and external challenges made the reality different from what people had hoped for. **Tech boom and bust** Global tech markets were flooded with liquidity in 2020 and 2021. But when interest rates rose, that wave also crushed a number of Indonesia’s high-profile tech companies. In recent months, investigators have detained founders and/or key executives of B2B startups eFishery and Tanihub, while seeking extradition of former CEO of P2P lender Investree who has fled to Qatar. There are a number of other companies whose implosion is just a matter of time, and in a few cases, investors and founders have already taken measures to diffuse the time bomb. **Politics as a minefield** These corporate scandals, however, belong to a different category. The Nadiem case stands apart, even though Gojek could have been more professionally run in the years with Nadiem at the helm. However, there are many minefields once one steps into politics, especially in a large and complex country such as Indonesia. During its rise, Gojek (and therefore Nadiem) already stepped on many toes. As a minister trying to change the way things are done, you would inevitably run into conflict with many interest groups. You will not always have the protection from the top. **Playing in a larger chessboard** You see similarities with reformers in ancient Chinese history (e.g. Shang Yang and Wang Anshi) or recent decades in Latin America (which I shall not name). This reminds us of something Wang Xing, founder of Chinese food delivery player Meituan, wrote in 2018: **“Good chess players usually know and accept that while they are making their own moves, they are also just pieces on a larger chessboard.”** ![](https://thelowdown.momentum.asia/wp-content/uploads/2025/09/Screenshot-2025-09-05-at-11.06.56%E2%80%AFAM-300x100.png) Meituan has been an investor in Gojek since 2018. What are the lessons for foreign founders and investors in Indonesia’s market? As one of our good friends in Indonesia once said: “Indonesia is not built for the outside world, nor should it be naturally that way”. For foreign founders and investors, the message is simple: respect the market, add value, and build patiently. Success in Indonesia is possible – but only if you accept that you are also a piece on its larger chessboard. **Discipline and focus can pay off** GoTo, as the merged Gojek-Tokopedia entity, has actually improved drastically in the last two years, in terms of not only financial performance but also discipline and professionalism. The divesture of [Tokopedia to TikTok Shop](https://thelowdown.momentum.asia/winners-and-losers-of-the-tiktok-goto-deal/) was a masterstroke, executed with speed and focus. GoTo’s recent turnaround shows that discipline and focus can pay off.

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Sophia Fernandez

Publish Time

2025-09-05 03:02:32 (7 months ago)

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2025-09-05 03:02:32 (7 months ago)

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