Indonesia’s biggest startup GoTo Group plans to raise at least $1.1 billion from an Indonesia initial public offering (IPO). The startup filed to go public, seeking a valuation of nearly $30 billion, Interfax reports, citing The Wall Street Journal.

GoTo Group offers ride-hailing, e-commerce and financial services in the world’s fourth-most populous nation, and counts U.S. Google, China’s Tencent Holdings Ltd. and Singapore’s Temasek Holdings among its backers.
 
The company aims to raise the equivalent of about $1.1 billion at the midpoint of its price range. That would make the Jakarta share sale one of the world’s five biggest initial public offerings so far this year, and the fifth-largest ever in Indonesia, Dealogic data shows.

“Indonesia is one of the largest and most exciting growth markets in the world, as reflected in the resilience our capital market has shown this year, against a backdrop of global market volatility,” Andre Soelistyo, GoTo’s chief executive, said.

GoTo Group has been formed in 2021 by the merger of Indonesia’s two most valuable internet startups - Gojek and Tokopedia. The two companies first began working together in 2015 to accelerate e-commerce deliveries using Gojek’s local network of drivers.

Gojek was established in 2010 and is best known for its app connecting motorcycle taxis. It later expanded into services such as payments, delivering food and parcels.

Tokopedia, which was established in 2009, operates a marketplace that enables retailers and large companies to sell their products in the Indonesian market.

According to Forbes USA, GoTo Group has more than 55 million users, 14 million merchants, and 2.5 million drivers as of last September.

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