In its pre-IPO round, GoTo Group, Indonesia’s most well-known digital company, will receive US $400 million from an Abu Dhabi Investment Authority (ADIA) wholly-owned subsidiary.
It will be ADIA subsidiary Private Equities Department’s (PED) first major investment in a Southeast Asian technology company, as well as the company’s largest in the region to date.
Alibaba Group, Astra International, Facebook, Global Digital Niaga, Google, KKR, Sequoia India, PayPal, SoftBank Vision Fund, Telkomsel, Temasek, Tencent, and Warburg Pincus are among the major GoTo investors in this round.
Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA, said: “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 encourages ADIA to deepen its presence.”
In May, GoTo was established by the combination of Gojek and Tokopedia. It is Indonesia’s most comprehensive digital ecosystem, with services ranging from on-demand transportation to e-commerce, food and grocery delivery, logistics and fulfillment, and financial services.
In 2020, the company claims to have produced over 1.8 billion transactions with a total gross transaction value of more than US $22 billion.
ADIA, which was founded in 1976, is an internationally diversified investment organisation that wisely invests money on behalf of the Abu Dhabi government using a long-term wealth development approach. ADIA has been investing in private equity since 1989 and has amassed a large internal team of experts with experience in a variety of asset classes, regions, and industries.
