GoTo Gets $150 Million Funding, Partners With World Bank's IFC

By Fabiana Negrin Ochoa

Indonesian tech giant GoTo Gojek Tokopedia is partnering with the World Bank's International Finance Corp. to boost financial inclusion in the Southeast Asian country, in a deal involving $150 million in funding from the development institution and other investors.

The company, which provides ride-hailing and e-commerce services, secured $125 million in financing from the IFC and $25 million from private-equity firm Franke & Co. via a sale of equity-linked bonds, according to a joint statement Tuesday.

IFC said the strategic investment aims to enhance access to new opportunities across Indonesia, where 97 million adults remain unbanked. The two parties will work on widening financial inclusion in Indonesia and strengthening GoTo's environmental, social, and governance strategy.

The partnership "includes non-financial support to help GoTo transition its fleet of driver-partners and delivery partners to electric vehicles, improving operational efficiency, and integrating more sustainable business practices to achieve carbon neutrality," according to the statement.

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com

(END) Dow Jones Newswires

October 03, 2023 01:17 ET (05:17 GMT)

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