Indonesia’s GoTo Group raises more than US$1.3 billion in pre-IPO funding round

November 11, 2021 GMT

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.

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.

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.

In addition to a local listing, GoTo has explored a potential future listing in the United States, possibly through a special purpose acquisition company (SPAC).

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.

This article originally appeared on the South China Morning Post (SCMP), the leading news media reporting on China and Asia. For more SCMP stories, please download our mobile app, follow us on Twitter, and like us on Facebook.

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