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Share to FacebookShare to TwitterShare to Linkedin A Gojek driver, right, picks up a PT Tokopedia order at a Titipaja fulfillment center in Jakarta, … [+] Indonesia, on May 24, 2021.

Dimas Ardian/Bloomberg GoTo—formed from the merger of Indonesian ride-hailing and payments giant Gojek and e-commerce firm Tokopedia in May—said Wednesday it had raised $400 million from a pre-initial public offering fundraising round led by sovereign wealth fund Abu Dhabi Investment Authority (ADIA).

“This investment in GoTo is aligned with a number of our key investment themes, including the growth of the digital economy in the fast-growing markets of Southeast Asia,” Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA, said in an emailed statement. “We see strong potential in the region, particularly in Indonesia.”

Southeast Asia’s digital economy is expected to triple to about $300 billion by 2025, with Indonesia accounting for about 41% of the total, according to a study published by Google, Bain and Temasek in November. GoTo is competing against Grab and Sea Group for supremacy in the race for the so-called super app in Southeast Asia, a market with a population of 650 million consumers.

Backed by investors including Jack Ma’s Alibaba and Masayoshi Son’s SoftBank Vision Fund, GoTo is Indonesia’s largest digital consumer platform offering e-commerce, on-demand and financial services to over 100 million monthly active users.

ADIA is the first investor in GoTo’s pre-IPO fundraising, according to Andre Soelistyo, the company’s group CEO. “Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment.”

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GoTo—which was valued at $18 billion when Gojek and Tokopedia merged in May—generated 1.8 billion of transactions with a gross value of $22 billion at the height of the Covid-19 pandemic in 2020. Demand for e-commerce and food deliveries surged in the past year as consumers holed up at home due to government enforced restrictions to curb the spread of the virus turned to online shopping and other services.