GoTo Group bags US$400m investment from Abu Dhabi wealth fund for pre-IPO funding

GoTo Group has entered into an agreement with the wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) to lead its pre-IPO fundraising with a US$400 million investment. The transaction will be the first principal investment by ADIA’s Private Equities Department into a technology business in Southeast Asia and its largest investment into Indonesia to date.

According to Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA, the investment in GoTo Group is aligned with a number of the company's key investment themes. This includes the growth of the digital economy in the fast-growing markets of Southeast Asia. "ADIA sees strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence," said Hamad. 

Hamad added that ADIA has been closely following the work that Gojek and Tokopedia have done to spur economic development and innovation in the region before the companies came together. In fact, ADIA is excited to partner with the combined GoTo Group and its management team in the next phase of its development.

Existing GoTo Group investors include Alibaba Group, Astra International, Facebook, Global Digital Niaga, Google, KKR, Sequoia Capital India, PayPal, SoftBank Vision Fund 1, Telkomsel, Temasek, Tencent, and Warburg Pincus. MARKETING-INTERACTIVE has reached out to GoTo Group for additional information regarding the investment. 

“We are proud to welcome ADIA as the latest investor in our company and the first in our pre-IPO fundraising as we prime our business for exponential growth over the coming months and years," said Andre Soelistyo, GoTo Group's CEO. In fact, the company believes that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment. Soelistyo added that it was gratifying to see ADIA and the many global investors who have become part of the GoTo movement, recognise the importance of this mission and can see the value it brings. 

Built around Gojek, Tokopedia and GoTo Financial brands, GoTo was created to enable everyone to participate in the digital economy through an ecosystem that encompasses the majority of household spending. Its services span across on-demand transport, eCommerce, food and grocery delivery, logistics and fulfillment, and financial services. According to GoTo, the group generated over 1.8 billion transactions in 2020, with a total group gross transaction (GTV) of over US$22 billion.

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Photo Courtesy: 123RF

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