1. Startups

Approaching the IPO Moment, GoTo's Valuation to Reach 403 Trillion

The $400 million in pre-IPO funding from ADIA is a good sign towards IPO plans in early next year, on local and New York exchanges

Last week (20/10) the decacorn GoTo Group announced a strategic cooperation agreement with the Abu Dhabi Investment Authority (ADIA) subsidiary. As a follow-up, ADIA led the fundraising for GoTo's pre-IPO worth $400 million or equivalent to IDR 5.6 trillion. This funding is estimated to boost the company's valuation to $28.5 billion or equivalent to IDR 403.7 trillion – according to Reuters' sources.

This value increased significantly compared to the previous estimated valuation of $18 billion, by combining each company's valuations as they were doing separate fundraising. Today's situation is estimated to bring GoTo's value to more than $30 billion in the lead-up to its IPO, with the public investment climate gains its best momentum.

"We are proud to welcome ADIA as the company's newest investor and the first in our pre-IPO fundraising, as we prepare the business for exponential growth for years to come. This kind of support underscores our belief that Indonesia and Southeast Asia will be the next big destination for technology investment," GoTo Group's CEO, Andre Soelistyo said.

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