The Abu Dhabi Investment Authority leads a fundraiser for Indonesian GoTo that is expected to bring the valuation of the largest start-up in the Southeast Asian country to at least $ 28.5 billion , according to two people with knowledge of the matter.

ADIA subsidiary contributes $ 400 million to raise $ 1.5 billion for Indonesian super app, which offers ridesharing, food delivery, e-commerce and financial services throughout Southeast Asia.

The funding round precedes a public listing slated by GoTo next year. GoTo declined to comment on the ratings.

The Middle East pension fund has already pledged to invest billions of dollars in Southeast Asia’s largest economy, including Indonesia’s new sovereign wealth fund.

The investment underscored the fund’s confidence in the fast-growing digital economies of Southeast Asia, said Hamad Shahwan Al Dhaheri, executive director of ADIA’s private equity department.

Indonesia’s digital economy was worth $ 44 billion last year and the country added 40 million internet users, according to a report from Google, Temasek and Bain.

“We see great potential in the region, particularly in Indonesia where the dynamic economic context encourages ADIA to continue to deepen its presence,” added Al Dhaheri.

GoTo is raising at least $ 1.5 billion for funding, but could raise much more once secondary sales are finalized, according to the two people with knowledge of the matter.

Singapore’s state-owned investment firm Temasek was also participating in the pre-IPO funding round, the people added. Temasek was not immediately available for comment.

GoTo said the deal was ADIA’s private equity department’s “first major investment in a Southeast Asian tech company and its biggest investment in Indonesia to date.”

The Indonesian company was formed in May by a merger between local tech groups Gojek and Tokopedia. The combination was valued at $ 18 billion as a result of the deal, which was based on the companies’ valuations during their last rounds of funding.

The latest fundraiser valued the company at nearly $ 27 billion, the sources said. Once the funds are raised, the valuation would be at least $ 28.5 billion, they said.

The investment comes as Indonesia’s economy has rebounded since the spread of the Delta variant of Covid-19 earlier this year forced the government to introduce strict lockdowns.

The country is reporting less than 1,000 cases per day, up from 50,000 in July. Gross domestic product growth for the third quarter is expected to reach 5% when the data is released next month.

Although GoTo operates in other countries in Southeast Asia, including Singapore, the Philippines and Vietnam, its focus remains Indonesia. The company sold its Thai operations to AirAsia from Malaysian entrepreneur Tony Fernandes in exchange for a 5% stake in AirAsia’s applications business in July.

Lockdowns imposed by the pandemic in Indonesia have hit GoTo’s ridesharing unit. However, food delivery and other businesses, including financial services, have received a boost from customers stuck at home and going online for the first time.

GoTo expects a dual listing in Indonesia and the United States in 2022, which will provide a salary to its global investors, including Google, Alibaba, Facebook, KKR, Tencent and Temasek.