Sat. Dec 2nd, 2023

Indonesia’s Most Valuable Startup Is in Talks to Raise Up to $2 Billion Ahead of IPO

Money bags with dollar signs on a white background

GoTo, Indonesia’s most valuable startup, is in discussions with investors to raise as much as $2 billion ahead of stock-market listings at home and in the U.S., according to people familiar with the matter.

The internet firm, created through the merger of ride-hailing giant Gojek and e-commerce provider PT Tokopedia in May, has begun the process of raising $1 billion to $2 billion at a valuation of between $25 billion and $30 billion, the people said, asking not to be named as the matter is private.

GoTo is planning an initial public offering on the local stock exchange this year before seeking a listing in the U.S., they said. It was last valued at $18 billion.

GoTo is among a fast-rising group of Southeast Asian companies that are taking advantage of investor interest in the region, which has a population of over 650 million and a vibrant tech startup scene. Both Grab Holdings Inc. and PropertyGuru Pte are planning to go public in the U.S. via blank-check firms, while Indonesian e-commerce firm is set to be the first homegrown unicorn to list on the local exchange in August. GoTo is expected to follow suit.

Total gross transaction value of more than $22 billion in 2020
Over 1.8 billion transactions in 2020
Registered driver fleet of over 2 million as of December
More than 11 million merchant partners as of December
Monthly active users in excess of 100 million
An ecosystem the company says encompasses 2% of Indonesia’s GDP

A representative for the company declined to comment. Deliberations are ongoing and details of GoTo’s fundraising plans could still change, the people said.


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