Abu Dhabi wealth fund, Abu Dhabi Investment Authority (ADIA) has revealed that it will be pumping in an investment of $400 million into Indonesia based technology company GoTo. This investment will be in form of a pre-initial public offering (IPO) financing exercise by the company.
GoTo enjoys the backing of high ranking investors like leading Chinese e-commerce company Alibaba Group Holding Ltd. (BABA), Singapore based wealth fund manager GIC and Japan based Softbank Vision Fund.
Several tech companies have been experiencing significant growth rates since the pandemic set foot due to a shift of various activities online. GoTo is among these companies as it has been recording strong client portfolio growth during the pandemic especially at the height of the pandemic when lockdowns were the order of the day.
The company’s chief executive officer, Andre Soelistyo, says the investment from Abu Dhabi wealth fund will be the first pre-IPO financing for the company as it seeks to position its business for exponential growth over the coming months and years.