Indonesia’s GoTo gets cash injection from Abu Dhabi’s sovereign wealth fund
Indonesian e-commerce giant GoTo will receive $400 million from the Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the emirate of Abu Dhabi in the United Arab Emirates, ahead of its initial public offering (IPO) planned in the coming months.
The investment increases the valuation of the country’s biggest start-up to at least $28.5 billion, Financial Times cited people with knowledge of the deal.
The cash infusion by the wealth fund’s private equity unit is part of a pre-IPO fundraising, the company said in a October 20 release, adding that it was the first private equity investment into a technology business in Southeast Asia by ADIA and its largest investment into Indonesia to date.
ADIA joins other large investors in GoTo such as Softbank, Alibaba, Google, Facebook, KKR, Tencent, Temasek and Indonesian conglomerate Astra International.
Singapore’s state investment fund Temasek reportedly also took part in the latest investment round.
Southeast Asia’s Internet economy expected to skyrocket
GoTo was created in a merger between Indonesian e-commerce firms Gojek and Tokopedia in June this year. Expectations are that the domestic IPO would raise $1.5 billion or even more.
While GoTo has not disclosed the timing of its IPO, the maiden share sale has been pushed back to early 2022 due to regulatory delays, various media outlets reported.
GoTo is competing against Grab and Sea Group, both based in Singapore, for supremacy in the race for a so-called super app in Southeast Asia, a market with a population of 650 million.
Southeast Asia’s digital economy is expected to triple to about $300 billion by 2025, with Indonesia accounting for about 41 per cent of the total, according to a study published by Google, Bain and Temasek in November last year.
Indonesian e-commerce giant GoTo will receive $400 million from the Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the emirate of Abu Dhabi in the United Arab Emirates, ahead of its initial public offering (IPO) planned in the coming months. The investment increases the valuation of the country’s biggest start-up to at least $28.5 billion, Financial Times cited people with knowledge of the deal. The cash infusion by the wealth fund’s private equity unit is part of a pre-IPO fundraising, the company said in a October 20 release, adding that it was the first private equity investment into...
Indonesian e-commerce giant GoTo will receive $400 million from the Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the emirate of Abu Dhabi in the United Arab Emirates, ahead of its initial public offering (IPO) planned in the coming months.
The investment increases the valuation of the country’s biggest start-up to at least $28.5 billion, Financial Times cited people with knowledge of the deal.
The cash infusion by the wealth fund’s private equity unit is part of a pre-IPO fundraising, the company said in a October 20 release, adding that it was the first private equity investment into a technology business in Southeast Asia by ADIA and its largest investment into Indonesia to date.
ADIA joins other large investors in GoTo such as Softbank, Alibaba, Google, Facebook, KKR, Tencent, Temasek and Indonesian conglomerate Astra International.
Singapore’s state investment fund Temasek reportedly also took part in the latest investment round.
Southeast Asia’s Internet economy expected to skyrocket
GoTo was created in a merger between Indonesian e-commerce firms Gojek and Tokopedia in June this year. Expectations are that the domestic IPO would raise $1.5 billion or even more.
While GoTo has not disclosed the timing of its IPO, the maiden share sale has been pushed back to early 2022 due to regulatory delays, various media outlets reported.
GoTo is competing against Grab and Sea Group, both based in Singapore, for supremacy in the race for a so-called super app in Southeast Asia, a market with a population of 650 million.
Southeast Asia’s digital economy is expected to triple to about $300 billion by 2025, with Indonesia accounting for about 41 per cent of the total, according to a study published by Google, Bain and Temasek in November last year.
