GoTo’s pre-IPO round grows to $1.3b as Google, Tencent, others join in (updated)

Update (Nov. 11, 1:10 p.m. SGT): This is the latest version of the article that was previously published on October 20, 2021.

GoTo Group, the merged entity of Gojek and Tokopedia, announced the Abu Dhabi Investment Authority (ADIA) had led the Indonesian tech major’s pre-IPO funding round with a US$400 million investment.

The company has now received additional funding for the round. So far the super app has raised US$1.3 billion in the round, with participation from Avanda Investment Management, Fidelity International, Google, Permodalan Nasional Berhad (PNB), Primavera Capital Group, SeaTown Master Fund, Temasek, Tencent, and Ward Ferry.

According to a statement, the round will be closed in the coming weeks and further investors are expected to join.

Photo credit: GoTo Group

The deal also marks the first principal investment by ADIA’s private equities department in a Southeast Asia-based tech business and is also the sovereign wealth fund’s largest investment in Indonesia, GoTo said.

“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,” Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA, said in a statement.

See also: Will GoTo’s SEA story entice enough investors?

The fresh money will be used for payments and financial services expansion, to strengthen customer engagement, and enhance “hyperlocal experiences” by leveraging the company’s transportation and logistics network.

GoTo became one of Southeast Asia’s largest tech conglomerates earlier this year following a merger between two Indonesian tech giants: Tokopedia and Gojek. the group’s plans for a public listing, however, have been reportedly delayed due to changes in local regulatory policies.