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Abu Dhabi Investment Authority to invest US$400 million in GoTo Group
The $400 million pre-IPO commitment by the Abu Dhabi Investment Authority will be the first principal investment by its private equity arm into a technology business in Southeast Asia and its largest deal in Indonesia, according to a statement on Wednesday.
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Gojek riders wait for their delivery orders at a distribution centre in Surabaya on May 17, 2021, as Gojek and Tokopedia unveiled a merger to form GoTo Group, creating the largest tech firm in the world's fourth most populous country.
(AFP/Juni Kriswanto )
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bu Dhabi’s biggest sovereign wealth fund has agreed to lead a fundraising at GoTo Group, ahead of a listing that could value Indonesia’s biggest internet firm at as much as $30 billion, Bloomberg News has reported.
The $400 million pre-IPO commitment by the Abu Dhabi Investment Authority will be the first principal investment by its private equity arm into a technology business in Southeast Asia and its largest deal in Indonesia, according to a statement on Wednesday.
“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.”
Southeast Asia’s digital economy is expected to triple to about $300 billion by 2025, with Indonesia accounting for about 41 percent of the total, according to a study published by Google, Bain and Temasek in November. GoTo is competing against Grab and Sea Group for supremacy in the race for the so-called super app in Southeast Asia, a market with a population of 650 million consumers.
“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,” CEO of GoTo Group Andre Soelistyo said.
