GoTo Group has secured $1.3 billion from investors as the Indonesian tech company prepares for its initial public offering.
As CNBC reported Thursday (Nov. 11), investors in this latest round of ongoing funding included massive companies like Google and China’s Tencent Holdings, as well as Singapore state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Berhad and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
GoTo was formed in May in a merger between two Indonesian startups, Gojek and Tokope, creating a super app covering ride hailing, food delivery, eCommerce and financial services under the brand GoTo Financial, which encompasses GoPay and other merchant and financial services. It is the largest privately-held company in the region.
Read more: Say Hello To The GoTo Group, The New Asian Super App Born From Gojek-Tokopedia Merger
According to CNBC, GoTo Group expects more investors to join in the founding round ahead of its final close over the next few weeks. This new funding would be invested in the expanding the company’s customer base, as well as its payments and financial services offerings.
In October, GoTo Group announced it had raised $400 million from ADIA, the first principal investment from the authority’s private equity arm into a tech company in Southeast Asia and ADIA’s biggest deal in Indonesia.
Learn more: Indonesia’s GoTo Raises $400M Ahead of IPO
“This investment in GoTo is aligned with a number of our key investment themes, including the growth of the digital economy in the fast-growing markets of Southeast Asia,” Hamad Shahwan Al Dhaheri, executive director of private equity at ADIA, said in a statement at the time. “We see strong potential in the region, particularly in Indonesia.”
Earlier reports have indicated that GoTo Group could aim for a public market valuation target in the neighborhood of $35 billion to $40 billion. There was also a report in August that the IPO could be delayed until early next year due to regulatory issues. CNBC said GoTo did not disclose details about the IPO in its announcement Thursday.