JD.id, an Indonesia-based, externally backed partnership between China-headquartered e-commerce firm JD.com and private equity firm Provident Capital, is now valued at more than $1bn, it has conformed to Daily Social.
Formed in 2015, JD.id extends its parent company’s e-commerce marketplace to Indonesian customers. It has more than 20 million users and makes use of its own logistics resources in addition to third-party service providers.
Sources have told Daily Social several investors took part in JD.id’s latest round. The valuation makes JD.id the sixth Indonesia-based company to achieve a unicorn valuation, following Gojek, Tokopedia, Traveloka, Bukalapak and Ovo.
Reports in 2019 indicated Indonesia-based ride hailing service and Provident portfolio company Gojek had invested an undisclosed amount in the spinoff following a partnership with JD.com earlier in the year, but its investor status has not been confirmed by JD.id.
JD.com and Provident Capital have also partnered on a Thailand-based platform called JD Thailand. The former provided a reported $150m for Gojek in February 2019 as part of a $1bn round also featuring Provident Capital that valued it at more than $10bn.
