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GoTo raises $150m investment from IFC
In the second quarter of this year, GoTo Group improved its adjusted EBITDA by 72 percent, to negative Rp1.2 trillion.
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This undated handout photo provided by GoTo Group on May 17, 2021, shows a Gojek driver delivering a Tokopedia package to a customer in Jakarta. It was announced on the same day that Gojek and Tokopedia were going to merge, creating the largest tech company in the world's fourth most populous country. (GoTo Group / AFP)
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omegrown tech giant GoTo has raised US$150 million in new investment from the International Finance Corporation (IFC), part of the World Bank Group, and private investment firm Franke & Company.
IFC will contribute the lion’s share of the investment, $125 million, with the rest to come from Franke & Company.
"The partnership will provide additional support for our business as we seek to improve life for our consumers, driver partners and merchants, enabling them to achieve their financial goals and dreams," GoTo Group CEO Patrick Walujo said in a statement on Tuesday.
Read also: The digital market: The right balance between innovation and protection
GoTo Group will receive the investment through the issuance of around 17 billion new Series A shares via private placement.
Those shares, which represent 1.42 percent of total issued paid-up capital after the deal, will be disbursed from the firm's unissued authorized capital.
The private placement will be executed at Rp 90 apiece, allowing GoTo Group to acquire around $100 million.
