GoTo Group, the largest digital ecosystem in Indonesia, said Wednesday it has entered into an agreement with Abu Dhabi Investment Authority (ADIA) to lead GoTo’s pre-IPO fundraising with a $400 million investment.

The transaction will be the first principal investment by ADIA’s Private Equities Department into a technology business in Southeast Asia and its largest investment into Indonesia to date.

ADIA will also become the latest in a global list of existing GoTo investors that includes Alibaba Group, Astra International, Facebook, Global Digital Niaga (GDN), Google, KKR, Sequoia Capital India, PayPal, SoftBank Vision Fund 1, Telkomsel, Temasek, Tencent, and Warburg Pincus.

“We are proud to welcome ADIA as the latest investor in our company and the first in our pre-IPO fundraising as we prime our business for exponential growth over the coming months and years. Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment,” said GoTo Group Chief Executive Officer Andre Soelistyo.

“We have always found that success comes about as long as we stay true to our mission to empower progress, by focusing relentlessly on improving lives and helping to build livelihoods in the markets in which we operate. It is gratifying to see ADIA and the many global investors who have become part of the GoTo movement, recognize the importance of this mission and can see the value it brings,” he added.

ADIA Private Equities Department Executive Director Hamad Shahwan Al Dhaheri said that this investment in GoTo is aligned with a number of the group’s key investment themes, including the growth of the digital economy in the fast-growing markets of Southeast Asia.

“We see strong potential in the region, particularly in Indonesia where the vibrant economic backdrop is encouraging ADIA to continue to deepen its presence. We have been closely following the work that Gojek and Tokopedia have done to spur economic development and innovation in the region even before they came together, and are very excited to partner with the combined GoTo and its management team in the next phase of its development,” he said.

GoTo is the largest digital ecosystem in Indonesia, built around the Gojek, Tokopedia, and GoTo Financial brands. It was created to enable everyone to participate in the digital economy through an ecosystem that encompasses the majority of household spending. Its services span across on-demand transport, e-commerce, food and grocery delivery, logistics and fulfillment, and financial services. The group generated over 1.8 billion transactions in 2020, with a total group gross transaction value (GTV) of over $22 billion.

GoTo’s mission is to “Empower Progress” by offering technology infrastructure and solutions for everyone to access and thrive in the digital economy. GoTo’s ecosystem comprises on demand transport, e-commerce, food and grocery delivery, logistics and fulfillment, and financial services through the Gojek, Tokopedia and GoTo financial platforms.

Established in 1976, ADIA is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.

ADIA has invested in private equity since 1989 and has built a significant internal team of specialists with experience across asset products, geographies, and sectors. Through its extensive relationships across the industry, the Private Equities Department invests in private equity and credit products globally, often alongside external partners, and through externally managed primary and secondary funds. Its philosophy is to build long-term, collaborative relationships with its partners and company management teams to maximize value and support the implementation of agreed strategies.