Venture Capital: Indonesian Tech Super App GoTo Lands $1.3B In Pre-IPO Funding

November 12, 2021 | News, Venture Capital
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GoTo’s IPO could launch in the first half of next year.

Indonesian tech giant GoTo, the product of a merger between ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia, now has a range of businesses across e-commerce, ride-hailing and financial services in the world’s fourth most populous country. It announced Thursday its raise of more than US$1.3 billion in a pre-IPO round led by the ABU Dhabi Investment Authority. (Reuters)

New investors included Chinese buyout firm Primavera Capital, Malaysia’s largest fund manager Permodalan Nasional Bhd and Fidelity International. Repeat investors were Alphabet’s Google (NASDAQ: GOOGL) , Tencent (HKG: 0700) and Singapore state investor Temasek.

It is anticipated that more investors would join up in the ongoing round, which could raise as much as $2 billion and value GoTo at about $30 billion. GoTo said last month that the Abu Dhabi Investment Authority would lead the pre-ipo funding round with an investment of $400 million.

According to Reuters’ sources, the Indonesian local listing would be followed by a US listing.

GoTo will use the funds to expand its user base, and boosting its payments and financial services offerings. The company’s digital model saw rapid growth during the pandemic following a global surge in demand for online services.

“Indonesia and Southeast Asia are some of the most exciting growth markets in the world, and the backing we’ve secured shows the confidence that investors have in the region’s rapidly expanding digital economy and our market-leading position,” Andre Soelistyo, CEO of GoTo Group, said in a statement.

Related Story: Financial And Ride-Hailing Giant Grab Agrees $39.6B SPAC Merger

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