Indonesia’s GoTo Group has raised $400 million from the Abu Dhabi Investment Authority (ADIA) ahead of an initial public offering that could value GoTo at as high as $30 billion.
As Bloomberg News reported Wednesday (Oct. 20), the funding marks the first principal investment from the authority’s private equity operation into a Southeast Asian tech company, as well as its largest deal in Indonesia.
“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,” Hamad Shahwan Al Dhaheri, executive director of private equity at ADIA, said in a statement. “We see strong potential in the region, particularly in Indonesia.”
Read more: Say Hello To The GoTo Group, The New Asian Super App Born From Gojek-Tokopedia Merger
GoTo was formed earlier this year out of the largest merger in Indonesia’s history, when the ride-hailing firm Gojek acquired the eCommerce company Tokopedia.
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.
Learn more: Indonesia’s GoTo Startup Seeks $2B In Pre-IPO Talks
“Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment,” GoTo Group Chief Executive Officer Andre Soelistyo said in the statement.
GoTo’s backers include Google, Alibaba Group Holding Ltd., KKR & Co., SoftBankGroup Corp., Temasek Holdings Pte and Tencent Holdings Ltd.
ADIA, a state-owned property, has accrued assets that are estimated to be north of $600 billion, per Bloomberg, and is among the investors that could invest in the Indian FinTech platform Paytm.
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