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Indonesia’s GoTo Group raises more than US$1.3 billion in pre-IPO funding round
- Abu Dhabi Investment Authority leads latest funding round, with more investors expected to join before final close
- GoTo created by the merger of Gojek and Tokopedia this year
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GoTo Group, the Indonesian digital leviathan created by the merger of Gojek and Tokopedia, has raised more than US$1.3 billion in its pre-initial public offering fundraising round led by the Abu Dhabi Investment Authority.
Investors who joined in the first close of its fundraising round include Avanda Investment Management, Fidelity International, Google, Primavera Capital Group, Temasek Holdings and Tencent Holdings, the company said. More investors are expected to join ahead of the final close in coming weeks.
“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,” GoTo CEO Andre Soelistyo said in a statement.
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GoTo Group already counts Alibaba Group Holding and Softbank Group’s Vision Fund among its investors. Alibaba is the owner of the Post.
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Jakarta-based GoTo spans e-commerce, ride-hailing and financial services in the world’s fourth most populous country and was created by the merger of two of Indonesia’s biggest tech companies. The deal, announced in May, was the largest ever in Indonesia.
The combined company had a registered driver fleet of more than two million and a gross transaction value (GTV) of over US$22 billion in 2020. GTV is a measure of everything sold through a marketplace.
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