ADIA to lead pre-IPO round for Indonesia's GoTo

GoTo is the product of a merger earlier this year between Gojek, which covers multiple forms of transportation as well as food delivery, logistics, and finance, and e-commerce marketplace Tokopedia. It claims to be the largest mobile on-demand services and payments platform in Southeast Asia with more than 1.8 billion transactions with a gross value of $22 billion in 2020.

Several other consumer-facing technology platforms in the region have gone public or are preparing to do so. Grab, Gojek’s closest competitor, agreed to merge with a US-listed special purpose acquisition vehicle (SPAC) at an enterprise valuation of $30.4 billion. Propertyguru and FinAccel are also set for SPAC mergers.

Bukalapak, Indonesia’s fourth-largest e-commerce platform, completed a IDR21.9 trillion ($1.5 billion) IPO on Jakarta Stock Exchange in August.

“This investment in GoTo is aligned with a number of our key investment themes, including the growth of the digital economy in the fast-growing markets of Southeast Asia. We see strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence,” Hamad Shahwan Al Dhaheri, an executive director in ADIA’s private equities department, said in a statement.

Gojek and Tokopedia previously received multiple rounds of funding from the likes of Alibaba Group, Astra International, BlackRock, Capital Group, DST Global, Facebook, Google, JD.com, KKR, Northstar Group, Pacific Century Group, PayPal, Provident Capital, Sequoia Capital India, SoftBank Vision Fund, Telkomsel, Temasek Holdings, Tencent Holdings, Visa, and Warburg Pincus.

Most recently, Gojek launched a Series F round in 2019 with a view to raising around $2 billion at a valuation of $9-10 billion, nearly double the Series E valuation.

Gojek and Tokopedia remain standalone brands under the GoTo umbrella. Andre Soelistyo, a former Northstar executive who has worked for Gojek since 2015, is CEO of GoTo, with Tokopedia’s Patrick Cao serving as president. Kevin Aluwi and William Tanuwijaya remain CEOs of Gojek and Tokopedia, respectively. Soelistyo also leads GoTo Financial.

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• Topics
• Southeast Asia
• Technology
• Consumer
• Expansion
• Indonesia
• GoTo
• Abu Dhabi Investment Authority (ADIA)
• TMT
• Growth capital