Indonesia's GoTo bags $400 million from Abu Dhabi ahead of IPO

Investment part of fundraising round said to be targeting total of $1.5bn

Abu Dhabi Investment Authority sees promise in Indonesia's GoTo. (Source photos by GoTo Group/AFP/Jiji and screenshot from ADIA's website)

SHOTARO TANI, Nikkei staff writer

October 20, 2021 17:45 JST

JAKARTA -- Indonesia's largest private tech company GoTo has bagged $400 million from Abu Dhabi Investment Authority, the sovereign wealth fund owned by the Emirate of Abu Dhabi, ahead of its anticipated initial public offering.

GoTo said in a statement on Wednesday that it has agreed for a wholly-owned subsidiary of ADIA to lead its pre-IPO fundraising with the investment. The transaction "will be the first principal investment by ADIA's Private Equities Department into a technology business in Southeast Asia and its largest investment into Indonesia to date," GoTo added.