GoTo Group, the Indonesia-based company formed by the merger of e-commerce marketplace Tokopedia and ride hailing service Gojek, has secured over $1.3bn from investors including corporates Google and Tencent, Bloomberg reported today.
Internet and gaming group Tencent and Google – a subsidiary of internet and technology conglomerate Alphabet – were joined by investors including Abu Dhabi Investment Authority, which committed $400m last month, and investment and financial services group Fidelity.
Avanda Investment Management, Permodalan Nasional, Primavera Capital Group, SeaTown Master Fund, Temasek and Ward Ferry filled out the participants.
The deal to form GoTo took place in May this year at a reported $18bn valuation and it combines Gojek’s on-demand ride and digital payment services with Tokopedia’s diversified e-commerce platform.
The company reportedly plans to float in a dual listing in its home country and the United States at a predicted valuation of between $25bn and $30bn, with up to $2bn in pre-IPO funding being targeted.
Telecommunications firm Telkom Indonesia’s Telkomsel subsidiary invested $300m in Gojek just ahead of the merger to increase its overall funding to $4.8bn.
Gojek’s corporate investors pre-merger also included Google, Tencent, Meta (formerly known as Facebook), PayPal, Mitsubishi, Visa, Astra International, Allianz, Meituan, Blibli, Rakuten, JD.com, AIA and Siam Commercial Bank.
Google was also an investor in Tokopedia, as were SoftBank Vision Fund 1 and the corporate’s SoftBank Ventures Asia, SB Pan Asia Fund and Softbank Internet and Media vehicles, Alibaba, CyberAgent, Beenos and SBI.
