Indonesia’s tech giant GoTo Group raises $1.3 billion ahead of IPO plans

- Advertisement -


  • Indonesia’s Goto Group has secured $1.3 billion from investors in the first round of an ongoing funding round ahead of a planned initial public offering, the technology company said on Thursday.
  • Backers include tech giants such as Google and Tencent, Singapore’s state investor Temasek, Malaysian sovereign wealth fund Permodalan National Berhad as well as a wholly owned subsidiary of the Abu Dhabi Investment Authority.
  • The company was formed in May from a merger between Indonesian internet start-up Gojek and Tokopedia and its businesses spanned ride-hailing, financial services and e-commerce.

- Advertisement -

Indonesia’s Goto Group has secured $1.3 billion from investors in the first round of an ongoing funding round ahead of a planned initial public offering, the technology company said on Thursday.

- Advertisement -

Backers in the pre-IPO funding round include tech giants such as Google and Tencent, Singapore-based state investor Temasek, Malaysian sovereign wealth fund Permodalan National Berhad as well as a wholly owned subsidiary of the Abu Dhabi Investment Authority.

The company was formed in May from a merger between Indonesian internet start-up Gojek and Tokopedia. Its business spans across ride-hailing, financial services and e-commerce.

- Advertisement -

Goto Group said it expects more investors to join the pre-IPO funding round before its final closing in the coming weeks. According to the company, the new funds will be invested in expanding the customer base and expanding its payment and financial services products.

last month, goto group said It reached an agreement with the Abu Dhabi Investment Authority, where the Sovereign Wealth Fund will lead the tech company’s pre-IPO fundraising with an investment of $400 million.

East reports suggested that Goto Group may seek a public market valuation target of between $35 billion and $40 billion. in August, Reuters reported That regulatory delay could push the tech company’s listing plans to early 2022.

Goto Group did not disclose details of its IPO plans in Thursday’s announcement.

“Indonesia and Southeast Asia are some of the most exciting growth markets in the world, and the support we have secured reflects the confidence that investors have with the region’s rapidly growing digital economy and our market-leading position.” ,” Andre Soelisto, CEO Goto Group, said in a statement.

The coronavirus pandemic has accelerated the demand for online services across the globe. Indonesia’s internet economy is projected to grow 75% from $40 billion in 2019 to nearly $70 billion this year, according to a report this week by Google, Temasek and Bain & Co.

Tech companies like Goto Group have seen growth in areas such as e-commerce, food and grocery delivery as well as logistics.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox