GoTo Group, the biggest tech firm in Indonesia, has raised more than $1.3 billion in the first close of its pre-IPO fundraising, backed by investors including Fidelity International, Google and Tencent.
Malaysian largest fund manager, Permodalan Nasional, Chinese private equity firm Primavera Capital Group and Fidelity are among Gojek’s new investors.
More investors are expected to join the pre-IPO fundraising round ahead of the final close in coming weeks, GoTo said in a statement.
GoTo, formed by merging ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia, was set to complete a pre-IPO funding exercise to raise up to $2 billion but regulatory delays threatened to push its plans to list in Jakarta into early next year, Reuters reported.
Last month, GoTo entered into a deal with the Abu Dhabi Investment Authority under which the Middle Eastern sovereign wealth fund would lead the pre-IPO funding with a $400 million investment.
GoTo’s biggest investors include Alibaba Group Holding, SoftBank Vision Fund 1, Singapore sovereign wealth fund GIC and Tencent.
