Indonesia’s most valuable startup is in talks to raise up to US$2b ahead of IPO

Indonesia’s most valuable startup is in talks to raise up to US$2b ahead of IPO
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(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 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.