Indonesia's GoTo Group, a merger between Gojek and Tokopedia, is set to go public really soon.
The firm announced earlier today that it has secured over $1.3 billion in funding, as part of the first close of its pre-IPO round.
- GoTo's $1.3 billion pre-IPO investors include Abu Dhabi Investment Authority (ADIA), Avanda Investment Management, Fidelity International, Google, Permodalan Nasional Berhad (PNB), Primavera Capital, SeaTown Master Fund, Temasek, Tencent and Ward Ferry.
- More investors are expected to join the round in the coming weeks.
- Proceeds from the investment will be utilized to fuel the company's growth, strengthen its market lead in Indonesia, expand to more parts of Southeast Asia, and to improve its customer service.
Why It Matters
- Goto Group is preparing for a dual listing in New York and Jakarta, which will take place some time later this year/next year.
- While the company did not share any details on its valuation, media reports estimate GoTo Group to be worth between $28.5 billion to $30 billion.
- Investors foresee large growth opportunities for Indonesia and Southeast Asia, particularly in the e-commerce, on-demand mobility, and fintech sectors.