(Bloomberg) — GoTo Group, formed earlier this year by the merger of Indonesia’s two most valuable internet startups, raised more than $1.3 billion in the first closing of a fundraising round ahead of its initial public offering.
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Investors in the pre-IPO round included the Abu Dhabi Investment Authority, Avanda Investment Management, Fidelity International and Google, the company said in a statement on Thursday.
The Jakarta-based company expects more investors to join the fundraising round ahead of the final completion in the coming weeks. Other backers in the round included Permodalan Nasional Berhad, Primavera Capital Group, SeaTown Master Fund, Temasek Holdings Pte, Tencent Holdings Ltd. and Ward Ferry.
GoTo Draws $400 Million From Top Abu Dhabi Fund Ahead of IPO
GoTo was formed this year by the merger of Indonesia’s two most valuable startups — ride-hailing giant Gojek and e-commerce firm PT Tokopedia. It aims to raise as much as $2 billion at a valuation of $25 billion to $30 billion ahead of an IPO at home and a subsequent U.S. listing, people familiar with the matter said in July.
“Indonesia and Southeast Asia are some of the most exciting growth markets in the world,” Andre Soelistyo, GoTo’s chief executive officer, said in the statement. “The backing we’ve secured shows the confidence that investors have in the region’s rapidly expanding digital economy and our market-leading position.”
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