GoTo Group, an Indonesia-based diversified technology group formed by on-demand ride service Gojek and e-commerce platform Tokopedia, secured $400m today in a pre-initial public offering round.
An unnamed subsidiary of sovereign wealth fund Abu Dhabi Investment Authority (Adia) led the round, which is on its way to a $1.5bn close, a person familiar with the matter told Nikkei Asia.
Formed in May this year through a merger between Gojek and Tokopedia, GoTo provides on-demand, e-commerce and financial services through existing brands in addition to its newly created GoTo Financial division.
GoTo intended to float on the Indonesia Stock Exchange (IDX) by the end of this year before pursuing a second listing in the United States.
However, the plans have been postponed to early 2022 as a proposed regulatory amendment would allow IDX-listed public companies to have multiple voting rights, giving stakeholders including corporate founders to a larger number of votes per security.
“GoTo wants multiple voting shares…but [the scheme] is still being put on hold by [Indonesia’s Financial Services Authority],” a person privy to the development told Nikkei Asia.
The merger had backing from investors including telecommunications groups Pacific Century, SoftBank and Telkom Indonesia – the last two through their Vision Fund 1 and Telkomsel units respectively – as well as payment services firms PayPal and Visa.
E-commerce firms Alibaba and JD.com, conglomerate Astra International, internet technology provider Google, social media platform operator Facebook and internet technology group Tencent also backed the transaction, as did BlackRock, Capital Group, DST, KKR, Northstar, Provident, Sequoia Capital India, Temasek and Warburg Pincus.
Andre Soelistyo, chief executive of GoTo Group, 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.
“Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment.”
