(July 26): GoTo, Indonesia’s most valuable startup, is in discussions with investors to raise as much as US$2 billion ahead of stock-market listings at home and in the US, 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 US$1 billion to US$2 billion at a valuation of between US$25 billion and US$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 US, they said. It was last valued at US$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 US via blank-check firms, while Indonesian e-commerce firm Bukalapak.com is set to be the first homegrown unicorn to list on the local exchange in August. GoTo is expected to follow suit.
GoTo by the Numbers
- Total gross transaction value of more than US$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.