GoTo has closed its first pre-IPO fundraising with over USD 1.3 billion from global investors, including the Abu Dhabi Investment Authority, Avanda Investment Management, Fidelity International, Google, Permodalan Nasional Berhad, Primavera Capital Group, SeaTown Master Fund, Temasek, Tencent, and Ward Ferry.
With the fresh funds, the tech giant will focus on customer growth and engagement. It will also expand payment and financial service offerings, as well as leverage its transport fleet and logistics network to improve hyperlocal services.
“GoTo is a national champion with the largest and most comprehensive ecosystem for digital daily life in Indonesia. We foresee secular growth opportunities for Indonesia and GoTo across e-commerce, on-demand mobility, and fintech—all segments in which Primavera has extensive investment experience,” said Michael Woo, Singapore-based managing director of Primavera Capital Group, in a statement.
Gojek and Tokopedia merged to form GoTo in May 2021. The group now consists of three business units—Gojek, Tokopedia, and GoTo Financial. Its services include on-demand transport, e-commerce, food and grocery delivery, logistics, and financial services. GoTo claimed to have generated over 1.8 billion transactions in 2020, with a total gross transaction value of over USD 22 billion.
The company expects to go public in Indonesia in the first half of 2022, possibly followed by a listing in New York. It currently awaits regulatory changes that will allow companies listed on the Indonesia Stock Exchange to have multiple voting shares, which entitle holders to a greater number of votes per share.
GoTo appointed Citi and Goldman Sachs as its financial advisors for the fundraising, as well as Davis Polk & Wardwell and Assegaf Hamzah & Partners as legal advisors.
