Indonesian e-commerce giant GoTo will receive US$400 million from Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the Emirate of Abu Dhabi, UAE, before planning an initial public offering (IPO) in the next few months. The Financial Times quoted According to people familiar with the matter, the investment raises the valuation of the country’s largest start-up company to at least $28.5 billion. The company stated in a press release on October 20 that the cash injection from the private equity division of the wealth fund is part of the pre-IPO financing, adding that this is the first private equity investment…
Indonesian e-commerce giant GoTo will receive US$400 million from the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund in the Emirate of Abu Dhabi, UAE, before planning an initial public offering (IPO) in the coming months.
This investment has increased the valuation of the country’s largest start-up company to at least 28.5 billion U.S. dollars. Financial Times To quote someone who knows the deal.
The company stated in a press release on October 20 that the cash injection from the private equity division of the wealth fund is part of the pre-IPO financing, adding that this is ADIA’s first private equity investment in Southeast Asia’s technology business and its largest invest. As far as Indonesia.
ADIA has joined other large investors in GoTo, such as SoftBank, Alibaba, Google, Facebook, KKR, Tencent, Temasek, and Indonesian conglomerate Astra International.
According to reports, Singapore National Investment Fund Temasek also participated in the latest round of investment.
Southeast Asia’s Internet economy is expected to soar
GoTo was formed in June this year by the merger of Indonesian e-commerce companies Gojek and Tokopedia. The domestic IPO is expected to raise US$1.5 billion or more.
According to multiple media reports, although GoTo has not disclosed the time of its IPO, due to regulatory delays, the IPO has been postponed to early 2022.
GoTo is competing with Singapore-based Grab and Sea Group for the supremacy of so-called super apps in Southeast Asia, a market with a population of 650 million.
According to a study released by Google, Bain and Temasek in November last year, by 2025, Southeast Asia’s digital economy is expected to triple to approximately US$300 billion, of which Indonesia accounts for approximately 41% of the total.
