The Abu Dhabi Investment Authority (ADIA) is expected to invest $400 million to lead a pre-initial public offering (IPO) fundraising exercise by Indonesia’s biggest tech group, GoTo.
GoTo, backed by investors such as China’s Alibaba Group Holding, Softbank Vision Fund and Singapore wealth fund GIC, is among the firms to benefit from more people flocking to digital platforms during pandemic lockdowns that confine them to homes.
The company, formed by merging ride-hailing-to-payments firm Gojek and e-commerce platform Tokopedia in May, was set to complete a pre-IPO funding exercise to raise to $2 billion but regulatory delays threatened to push its local listing plans to early next year.
Hamad Shahwan Aldhaheri Executive Director ADIA
“This investment in GoTo is aligned with a number of our key investment themes, including the growth of the digital economy in the fast-growing markets of Southeast Asia. We see strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence.”
ADIA’s other commitments to Indonesia include a deal with the Indonesia Investment Authority, manager of the state sovereign wealth fund, for its first investment vehicle which includes up to $3.75 billion in a toll road subfund.
GoTo’s CEO Mr. Andre Soelistyo hailed the investment by the Middle Eastern sovereign wealth fund as “the first in our pre-IPO fundraising as we prime our business for exponential growth over the coming months and years.”
ADIA, which invests on behalf of the Abu Dhabi government, joins other existing investors of GoTo like, Astra International, Facebook, Global Digital Niaga, Google, KKR, PayPal, Sequoia Capital India, Telkomsel, Temasek, Tencent, and Warburg Pincus.
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