Photo credit: GoTo Group
GoTo Group has closed its office in Pune, India as part of a strategic reorganization of its consumer lending team.
The Indonesian tech giant plans to relocate a portion of its lending team from Pune to Bangalore. Other roles previously based in Pune will be absorbed by GoTo Financial Group’s Indonesia-based engineers, a company spokesperson said.
As a result of the reorganization, 30 positions will be terminated.
This adds to the 1,300 jobs that GoTo shed in November 2022 and the 600 more in March this year.
According to the company’s 2022 sustainability report, Gojek, Tokopedia, and GoTo Financial all have tech support offices in India.
GoTo said it remains committed to maintaining its engineering presence in India. It added that it will support the affected employees to make them well-positioned for future opportunities.
The company’s outstanding loans stood at 831 billion rupiah (US$55.8 million) in the first quarter of the year, growing 40% compared to Q4 2022.
In the same quarter, GoTo cut its net loss by 41% year on year to reach 3.9 trillion rupiah (US$265 million) and improved its adjusted EBITDA by 67% to US$109 million. The company aims to hit profitability by the end of 2023.
See also: GoTo Group’s financial health in 4 charts
Currency converted from Indonesian rupiah to US dollar: US$1 = 14,882 rupiah.