Indonesia’s largest digital ecosystem GoTo Group announced that it has raised $1.3 billion in its pre-IPO fundraising.
The fundraising was backed by a number of investors, including the wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Avanda Investment Management, Fidelity International, Google, Permodalan Nasional Berhad (PNB), Primavera Capital Group, SeaTown Master Fund, Temasek, Tencent, and Ward Ferry.
Further investors are also expected to join the pre-IPO fundraising round ahead of the final close in the coming weeks.
Andre Soelistyo, CEO of GoTo Group, said the backing they secured shows the confidence that investors have in the region’s rapidly expanding digital economy and our market-leading position.
Soelistyo added that the demand from consumers is being unlocked by growth in digital adoption that has brought many new users online.
“As a result, demand for our services continues to increase, underscored by our commitment to continuously deliver selection, value, and convenience to users across the ecosystem,” he said in a statement.
The funds they raise will allow GoTo to invest further in its ecosystem, strengthen its market-leading position in the region, and better serve customers.
This includes continued focus on customer growth and engagement, expansion of its payments and financial services offering, and leveraging its integrated transport fleet and logistics network to enhance hyperlocal experiences.
Michael Woo, Singapore-based Managing Director of Primavera Capital Group, said they foresee secular growth opportunities for Indonesia and GoTo across e-commerce, on-demand mobility, and fintech.
Steven Chua, Deputy CIO at Seatown Master Fund, said digital economic growth, especially in Indonesia and other fast-growing markets in ASEAN, is a key investment focus for them.
Both Primavera Capital Group and Seatown Master Fund are excited to partner with GoTo.
GoTo’s ecosystem encompasses nearly two-thirds of Indonesian consumer expenditure and its total addressable market is set to grow to over $600 billion in Indonesia by 2025.