RIYADH: Jakarta-based GoTo Group, the Abu Dhabi-backed ecommerce and ride hailing business, has raised more than $1.3 billion ahead of its IPO.
The Abu Dhabi Investment Authority, Avanda Investment Management, Fidelity International and Google were among the investors in the raise, according to Bloomberg and a company statement on Thursday.
The firm was established this year by the merger of the two most valuable internet startups in Indonesia, ride-hailing app Gojek and ecommerce firm PT Tokopedia.
The group aims to raise around $2 billion at a valuation of $25 billion to $30 billion ahead of its IPO in Indonesia. It is also expected to be enlisted in the US, people familiar with the matter told Bloomberg.
Citigroup and Goldman Sachs are advising GoTo on the fundraising, while the legal advisers will be Davis Polk & Wardwell and Assegaf Hamzah & Partners.
