Abu Dhabi Legacy Fund to Lead GoTo Pre-IPO Funding with $ 400 Million


SINGAPORE, Oct.20 (Reuters) – The Abu Dhabi Investment Authority (ADIA) will invest $ 400 million to conduct a pre-IPO fundraising exercise by Indonesia’s largest tech group GoTo, the companies said on Wednesday. in a joint press release.

Backed by investors such as Alibaba Group Holding (9988.HK), Softbank Vision Fund and Singaporean fortune fund GIC, GoTo is among companies to benefit from more people flocking to digital platforms during lockdowns pandemics that confine them to their homes.

GoTo Managing Director Andre Soelistyo hailed the Middle East Sovereign Fund’s investment as “the first of our pre-IPO fundraising as we prepare our business for exponential growth over the months and years. future”.

Sources previously told Reuters that GoTo, formed by the merger of payments rideshare company Gojek and e-commerce leader Tokopedia in May, was set to complete a pre-IPO funding exercise to raise up to $ 2 billion, but regulatory delays threatened to push its local listing plans early next year.

“This investment in GoTo is aligned with a number of our key investment themes,” said Hamad Shahwan Al Dhaheri, executive director of ADIA’s private equity department.

The digital economy in the fast-growing Southeast Asian markets was one such area, he added in a statement on Wednesday.

Reporting by Anshuman Daga; Editing by Clarence Fernandez

Our Standards: Thomson Reuters Trust Principles.

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