The Abu Dhabi Investment Authority (ADIA) has invested $400 million in the Indonesian tech firm GoTo.
The investment will be used to lead a pre-public offering fundraising exercise initisatived by GoTo, which was established in May 2021 through the merger of ride hailing and payments form Gojeck and e-commerce firm Tokopedia.
It is also the first major investment by the ADIA’s private equities department in the Southeast Asian tech sector and its largest transaction in Indonesia.
“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,” said Hamad Shahwan Al Dhaheri, executive director at ADIA.
“We see strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence,” he added.
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