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11-11-2021, 07:58 PM
Indonesia’s tech giant GoTo Group raises $1.3 billion ahead of IPO plans
* Indonesia’s GoTo Group has secured $1.3 billion from investors in the first close of an ongoing funding round ahead of a planned initial public offering, the technology company said Thursday.
* Backers include tech titans like Google and Tencent, Singapore state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Berhad as well as a wholly owned subsidiary of the Abu Dhabi Investment Authority.
* The company was created in May from a merger between Indonesia’s internet start-ups Gojek and Tokopedia and its business spans across ride-hailing, financial services and e-commerce.
Saheli Roy Choudhury
PUBLISHED THU, NOV 11 20211:27 AM EST
Indonesia’s GoTo Group has secured $1.3 billion from investors in the first close of an ongoing funding round ahead of a planned initial public offering, the technology company said Thursday.
Backers in the pre-IPO funding round include tech titans like Google and Tencent, Singapore state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Berhad as well as a wholly owned subsidiary of the Abu Dhabi Investment Authority.
The company was created in May from a merger between Indonesia’s internet start-ups Gojek and Tokopedia. Its business spans across ride-hailing, financial services and e-commerce.
GoTo Group said it expects more investors to join the pre-IPO funding round ahead of its final close in the coming weeks. The fresh funds would be invested into growing the customer base and expanding payments and financial services products, according to the company.
Last month, GoTo Group said it reached an agreement with the Abu Dhabi Investment Authority where the sovereign wealth fund would lead the tech company’s pre-IPO fundraising with a $400 million investment.
Earlier reports suggested that GoTo Group could seek a public market valuation target of between $35 billion to $40 billion. In August, Reuters reported that regulatory delays could push the tech company’s listing plans to early 2022.
GoTo Group did not disclose details of its IPO plans in Thursday’s announcement.
More details in https://www.cnbc.com/2021/11/11/indonesi...plans.html
* Indonesia’s GoTo Group has secured $1.3 billion from investors in the first close of an ongoing funding round ahead of a planned initial public offering, the technology company said Thursday.
* Backers include tech titans like Google and Tencent, Singapore state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Berhad as well as a wholly owned subsidiary of the Abu Dhabi Investment Authority.
* The company was created in May from a merger between Indonesia’s internet start-ups Gojek and Tokopedia and its business spans across ride-hailing, financial services and e-commerce.
Saheli Roy Choudhury
PUBLISHED THU, NOV 11 20211:27 AM EST
Indonesia’s GoTo Group has secured $1.3 billion from investors in the first close of an ongoing funding round ahead of a planned initial public offering, the technology company said Thursday.
Backers in the pre-IPO funding round include tech titans like Google and Tencent, Singapore state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Berhad as well as a wholly owned subsidiary of the Abu Dhabi Investment Authority.
The company was created in May from a merger between Indonesia’s internet start-ups Gojek and Tokopedia. Its business spans across ride-hailing, financial services and e-commerce.
GoTo Group said it expects more investors to join the pre-IPO funding round ahead of its final close in the coming weeks. The fresh funds would be invested into growing the customer base and expanding payments and financial services products, according to the company.
Last month, GoTo Group said it reached an agreement with the Abu Dhabi Investment Authority where the sovereign wealth fund would lead the tech company’s pre-IPO fundraising with a $400 million investment.
Earlier reports suggested that GoTo Group could seek a public market valuation target of between $35 billion to $40 billion. In August, Reuters reported that regulatory delays could push the tech company’s listing plans to early 2022.
GoTo Group did not disclose details of its IPO plans in Thursday’s announcement.
More details in https://www.cnbc.com/2021/11/11/indonesi...plans.html
Specuvestor: Asset - Business - Structure.