GoTo Gojek Tokopedia, Indonesia’s biggest tech firm, said it was laying off 1,300 workers, or 12 percent of its workforce.
“Challenging global macroeconomic conditions are having a significant impact on businesses around the world and GoTo, like other prudent companies, is making adjustments to ensure it can navigate the uncertain road that lies ahead,” GoTo said in a statement.
GoTo said it has achieved around 800 billion rupiah ($51 million) in cost savings in the first half of this year through efficiency measures in technology, marketing and outsourcing.
“However, the company has determined that further measures must be taken to ensure it is equipped to navigate the challenges ahead,” GoTo said.
GoTo, which offers ride-hailing and financial services, went public in April with a $1.1 billion stock sale.
GoTo, backed by SoftBank Group Corp, Alibaba Group and Singapore sovereign wealth fund GIC, is exploring a coordinated secondary offering of shares held by pre-IPO shareholders after a lock-up period ends on November 30.
GoTo reported in August that its half-year net loss more than doubled to nearly $1 billion.
In recent months, Southeast Asia’s largest-ecommerce firm Shopee cut jobs in various countries and shut some overseas operations as parent Sea struggle with losses.