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Abu Dhabi Investment Authority to invest US$400 million in Indonesia’s GoTo Group

  • GoTo Group formed by the merger of Tokopedia and Gojek in May
  • Abu Dhabi sovereign wealth fund to lead a pre-IPO fundraising round for the tech unicorn

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A Gojek driver picks up a Tokopedia order at a fulfilment centre in Jakarta, Indonesia, in May. Photo: Bloomberg
Chad Bray
GoTo Group, the digital leviathan created by the merger of Gojek and Tokopedia in May, said on Wednesday that the Abu Dhabi Investment Authority (ADIA) will invest US$400 million and lead a pre-initial public offering fundraising round by Indonesia’s biggest tech unicorn.
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The transaction is the first principal investment by the Abu Dhabi sovereign wealth fund’s private equities department into a Southeast Asian tech company and its biggest investment in Indonesia to date.

GoTo Group already counts Alibaba Group Holding, Google and Softbank Group’s Vision Fund among its investors. Alibaba is the owner of the Post.

“Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment,” said Andre Soelistyo, the GoTo CEO.

A worker handles a Tokopedia order at a fulfilment centre in Jakarta, Indonesia. Photo: Bloomberg
A worker handles a Tokopedia order at a fulfilment centre in Jakarta, Indonesia. Photo: Bloomberg
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Jakarta-based GoTo spans e-commerce, ride-hailing and financial services in the world’s fourth most populous country and was created by the merger of two of Indonesia’s biggest tech companies. The deal, announced in May, was the largest ever in Indonesia.

The combined company had a registered driver fleet of more than two million and a gross transaction value (GTV) of over US$22 billion in 2020. GTV is a measure of everything sold through a marketplace.

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