Indonesia’s GoTo Group announced that a subsidiary of the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by the Emirate of Abu Dhabi, will lead its pre-IPO fundraising with a US$400 million investment.

The investment 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.

The group is looking to raise US$1 billion to US$ 2 billion ahead of a public listing in Indonesia by this year. Bloomberg reported that the listing could potentially drive up GoTo’s valuation to approximately US$30 billion.

ADIA will become the latest in a global list of existing GoTo investors that includes Alibaba Group, Astra International, Facebook, Global Digital Niaga, Google, KKR, PayPal, Sequoia Capital India, SoftBank Vision Fund 1, Telkomsel, Temasek, Tencent and Warburg Pincus.

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 have been closely following the work that Gojek and Tokopedia have done to spur economic development and innovation in the region even before they came together, and are very excited to partner with the combined GoTo and its management team in the next phase of its development.”

Andre Soelistyo, GoTo Group CEO said,

“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.

 

It is 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.”

Featured image: Bloomberg