GoTo, an Indonesian company, raises $400 million ahead of its IPO

[ASEAN NOW Content Team]

 

The Abu Dhabi Investment Authority (ADIA) has provided $400 million to Indonesia's GoTo Group ahead of an initial public offering that may value the company at $30 billion.

According to Bloomberg News, the funding is the authority's first major investment in a Southeast Asian digital startup, as well as its largest deal in Indonesia.

 

In a statement, Hamad Shahwan Al Dhaheri, executive director of private equity at ADIA, said, "This investment in GoTo is linked with a number of our major investment themes, including the rise of the digital economy in the fast-growing regions of Southeast Asia."
"We believe the region, particularly Indonesia, has a lot of potential."

 

GoTo was founded earlier this year as a result of the greatest merger in Indonesian history, when Gojek, a ride-hailing startup, bought Tokopedia, an eCommerce company.

 

The merger created a super app that covered ride hailing, food delivery, eCommerce and financial services under the new brand GoTo Financial, which encompasses GoPay and other merchant and financial services. 

As we reported in July, the company has begun raising between $1 billion and $2 billion at a valuation of $25 billion to $30 billion as it prepares for an IPO in Indonesia this year, followed by a listing in the U.S. some time in 2022.

 

In a statement, GoTo Group Chief Executive Officer Andre Soelistyo said, "Our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment underpins our belief that this scale underpins our belief that this scale underpins our belief that this scale underpins our belief that this scale underpins our belief that this scale underpins our belief that this scale underpins our belief that this scale under

Google, Alibaba Group Holding Ltd., KKR & Co., SoftBankGroup Corp., Temasek Holdings Pte, and Tencent Holdings Ltd. are among GoTo's supporters.

According to Bloomberg, ADIA, a state-owned property, has assets worth more than $600 billion and is one of the potential investors in Paytm, an Indian FinTech platform.