Abu Dhabi Investment Authority, ADIA, UAE’s biggest sovereign wealth fund, is set to invest $400 million into Indonesia’s tech company preparing its Initial Public Offering (IPO), Zawya reports, citing the fund.
The future investment to take place before the IPO, is the fund’s largest investment into Indonesia to date.
“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. We see strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence,” said Hamad Shahwan Al Dhaheri, Executive Director at ADIA.
ADIA will join other investors such as Singapore’s GIC Private Limited, SoftBank Vision Fund, Alibaba Group Holding, Facebook and Google who also have shares the tech company.
GoTo is a merger between ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia in May 2021.