Backed by Alibaba Group Holding, Softbank Vision Fund and Singapore wealth fund GIC, GoTo’s fortunes have been hugely boosted by people flocking to digital platforms during pandemic lockdowns.
In a joint statement on Wednesday, GoTo’s Chief Executive Andre Soelistyo hailed the investment by the Middle Eastern sovereign wealth fund as “the first in our pre-IPO fundraising as we prime our business for exponential growth over the coming months and years.”
Sources previously revealed that GoTo, formed by merging ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia in May, was set to complete a pre-IPO funding exercise to raise up to $2 billion but regulatory delays threatened to push its local listing plans to early next year.
“This investment in GoTo is aligned with a number of our key investment themes,” said Hamad Shahwan Al Dhaheri, the executive director of the private equities department of ADIA.
The digital economy in Southeast Asia’s fast-growing markets was one of these areas, he added in Wednesday’s statement.
- Reuters with additional editing by Sean O’Meara