GoTo Group’s Q1 2025 earnings tout a milestone: profitability and surging growth. But behind the celebratory headlines lies a more complex picture shaped by pro forma adjustments and selective metrics. The company’s recalibrated baseline—excluding Tokopedia and related logistics since early 2024—inflates perceived momentum, with core GTV and net revenue rising 54% and 37% respectively on this adjusted basis.
However, actual year-on-year growth tells a different story: a modest 7% rise in group GTV and just 4% in net revenue. The disparity highlights how much of GoTo’s apparent acceleration stems from structural changes, not organic performance. Similarly, the reported Rp393 billion adjusted EBITDA gain—while impressive—is a non-IFAS metric that excludes key expenses and remains unaudited, limiting its comparability and reliability.
Segment-level performance shows genuine progress in fintech and on-demand services, with record adjusted EBITDA and notable efficiency gains. Yet, net losses persist, and the continued reliance on premium users may cap broader growth.
GoTo’s results underscore the importance of reading beyond headlines. While there are clear signs of operational discipline and focus, the real financial turnaround remains a work in progress—one best viewed with cautious optimism.
REGIONAL
Malaysia digital initiative draws US$3.8B in early 2025 investments
From an innovation perspective, AI companies represented the largest share of these investments at 27%, followed by the data centres & cloud subsectors at 2%, and global business services (11.5%).
Cocoon Capital launches US$50M fund
The VC has secured US$30M in commitments from LPs for the first close of its third fund | It aims to raise the remaining US$20M before the year ends.
Blibli posts 20% revenue growth in Q1 2025
In Q1 2025, the company opened 11 new consumer electronics stores and, by March, operated 215 electronics stores, 60 premium supermarkets, and 35 home and living centres.
Terminal 3 nets US$8M to future-proof AI-powered businesses
Lead investors are Illuminate Financial and CMCC Titan Fund | Terminal 3 is building technology that leverages blockchain to store freely composable data securely and privately.
Secai Marche wins US$4M grant from Japan government
The grant is aimed at accelerating the development of next-generation fresh food infrastructure in Malaysia and Singapore, including expanding a new cold-chain facility in Selangor, Malaysia.
MyRepublic launches Geek Insurance for Singapore’s collectors, gamers
Geek Insurance focuses on coverage for collectibles, personal electronic devices, and other household contents while gamers and collectors are in the home.
Indonesia, University of Tokyo partner to create AI curriculum
The initiative aims to improve digital knowledge and skills, focusing on developing AI-based solutions | The programme could address societal challenges using AI, similar to Japan’s AI education model, which has spurred innovative startups.
FEATURES & REPORTS
GoTo posts record Q1 but adjusted metrics tell only half the story
GoTo touts profitability in Q1 2025, but heavy reliance on adjusted figures raises questions about true performance and sustainability.
Profitability gains mask deeper challenges for MoneyHero in Q4 2024
A deep dive into the financials reveals a sharp revenue decline in the quarter and a substantial decrease in cash reserves, painting a more complex picture than the headline figures might suggest.
2025 trend forecast: Fintech and robotics lead the AI charge in Asia
In addition to that, general-purpose cloud platforms are giving way to infrastructure explicitly designed for AI workloads.
INTERNATIONAL
Visa, Mastercard launch AI tools for online shopping
Visa’s Intelligent ‘Commerce enables’ AI agents to shop and make purchases for consumers based on their preferences | Mastercard’s ‘Agent Pay’ integrates payments into AI-based recommendations provided through conversational platforms.
Ant Group launches AI hiring drive with top researchers
The initiative publicly presents the company’s team of AI researchers for the first time | The “Plan A” recruitment program features 12 mentors with strong backgrounds in AI research and development.
Sam Altman’s crypto project launches in the US
The initiative aims to distinguish humans from AI-generated entities by creating a World ID | Users who verify their identity will earn WLD tokens as part of the initiative.
Japan’s Rakuten to invest at least US$100M in India, increase hiring
The India global capability centre is a key contributor in building Rakuten Pay, a major payment app in Japan, and its SixthSense platform, which is used to track the health of a system and flag issues.
Tether holds US$120B in US treasuries in Q1 2025
Direct holdings in US treasuries were US$99B | The remainder came from indirect exposure through money market funds and reverse repurchase agreements.
SEMICONDUCTOR
Indian SaaS firm Zoho halts US$700M chipmaking plans
Zoho struggled to find the right technology partner required to advise on complex chipmaking processes | In a bid to diversify, Zoho had planned to invest US$400M in a semiconductor facility in south India.
Taiwan govt. approves ASML, Sumitomo semiconductor investments
Dutch semiconductor equipment maker ASML will invest US$81.6M in its Taiwan unit, which specialises in laser light source equipment | Sumitomo plans to increase its capital in Sumitronics Taiwan by US$70.7M.
Taiwan leads in semiconductor materials for 15th year at US$20.1B
According to a report from the Semiconductor Equipment and Materials Institute, China ranked second with US$13.5B in materials procurement, followed by South Korea at US$10.5B.
ARTIFICIAL INTELLIGENCE
Agentic AI: The next frontier in technology
Agentic AI is redefining work by enabling autonomous systems to plan, act, and collaborate with humans across dynamic tasks and industries.
Levelling the playing field: How AI can transform SME hiring
Once considered an expensive, futuristic tech investment, AI solutions are now well and truly within the reach of small businesses
Empowering women in entrepreneurship with AI and automation
Women founders are rewriting the rules of business by leading with clarity, building with confidence, and shaping the future through code.
Upskilling in the AI era: Why passive learning will not cut it anymore
Upskilling is especially critical in Asia, where countries such as Japan and Thailand tend to have longer employee tenure.
THOUGHT LEADERSHIP
The quiet energy takeover: China’s belt and road vs America’s gas rush
In the next decade, energy will shape global economic winners and losers, especially across Southeast Asia and beyond.
Market wrap: Consumer confidence drops, markets rise, Bitcoin ETF soars
Trump’s tariff relief lifts markets, but weak US data and China trade tensions keep investors cautious ahead of key global economic reports.
The biggest marketing mistakes startups make and how AI can fix them
Startups often struggle with marketing mistakes; AI offers data-driven solutions to personalise, optimise, and scale efforts efficiently.
How next-gen CEOs are living with work
Next-gen CEOs are prioritising sleep, mental health, and fitness—signalling a shift toward healthier, more sustainable leadership models.
A cautious dance in global markets: Navigating uncertainty and opportunity
Markets balance optimism and anxiety as trade tensions, data shifts, and crypto volatility shape a complex global investment outlook.
Why digital capabilities aren’t fully deployed in the education sector
The education sector has been slow to embrace digital technologies; however, the COVID-19 outbreak has raised new challenges that may require innovative solutions.
How my entrepreneurial failures led me to rethink learning and upskilling
During my time in university, I became very disillusioned with issues within the education industry and set out to change the norm.
How this B-school aims to reinvent its learning experience in a year of disruption
Digitisation and integration were no longer nice-to-haves but must-haves for educational institutes, here’s how INSEAD did it.
10 essential steps to unlock your neuroscience-backed leadership mindset
This article combines practical aspects of startup leadership with neuroscience-backed tips to provide you with an all-inclusive guide.
Why more highly-skilled developers are needed amidst the economic downturn?
In times of economic downturn, job losses are a significant concern, and highly skilled developers can play a role in mitigating this challenge.
How cybersecurity teams can involve HR to optimise incident response
Integrating HR into your cybersecurity strategy, from pre-incident training to post-incident follow-ups, adds an extra layer of security.
Payroll, taxes, and compliance: How to navigate China’s complex labour laws
US businesses hiring in China must navigate local labour laws and can use an Employer of Record to ensure compliance in 2025.
Fundraising 101: What first time startup founders need to know
A startup lawyer’s guide to your first fundraise, covering legal instruments, key terms, and implications for your startup.
Small country and market? Punch heavier with an ecosystem strategy
Exploring LEGO’s enduring success through ecosystem strategy and its parallels with ARM’s semiconductor dominance.
Treat mainstream media as a civic institution, not a popularity contest
Singapore’s mainstream media plays a crucial role in maintaining civic trust, informed discourse, and institutional integrity.
How the upcycling movement can help build a true circular food economy
If we want a truly circular food economy that can sustainably feed the planet, then we need to turn to upcycling.
The post Ecosystem Roundup: GoTo’s record Q1 masks deeper issues | MoneyHero’s profit gains under scrutiny | Malaysia attracts US$3.8B in digital investments appeared first on e27.