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
“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.
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.
GoTo is seeking to raise as much as US$2 billion in pre-IPO fundraising this year and is targeting an IPO in Indonesia next year. The company is seeking a US$30 billion valuation.
Last month, the Abu Dhabi Investment Authority agreed to invest US$400 million and lead the pre-IPO funding round. It was the first principal investment by the Abu Dhabi sovereign wealth fund’s private equities department into a Southeast Asian tech company and its biggest investment in Indonesia to date.
“GoTo is a national champion with the largest and most comprehensive ecosystem for digital daily life in Indonesia,” said Michael Woo, a Singapore-based managing director at Primavera Capital Group. “We foresee secular growth opportunities for Indonesia and GoTo across e-commerce, on-demand mobility and fintech – all segments in which Primavera has extensive investment experience. ”
In earlier fundraising rounds, Gojek and Tokopedia amassed a combined US$8.1 billion from investors, according to Crunchbase.
GoTo is a rival to Singapore-headquartered Grab Holdings, Southeast Asia’s most valuable tech unicorn.
Goldman Sachs, Citigroup and the law firms Davis Polk & Wardwell and Assegaf Hamzah & Partners are advising GoTo on the funding round.