Retail group Matahari Department Stores (MDS) has invested $15.9m in Indonesia-based e-commerce marketplace MatahariMall, increasing its stake to almost 16% and its total investment to $41.8m, DealStreetAsia has reported.
MDS had previously invested $13.5m in MatahariMall, which was launched by real estate conglomerate Lippo Group in early 2015, in January 2016, before adding $12.3m in January this year, at which time it held a 12% stake. The latest funding was provided in May.
MatahariMall runs an online platform that initially focused on electronics, but which is seeing increasing interest in fashion. It also oversees a site called MatahariStore where MDS can sell its own stock directly.
MDS, itself part of Lippo Group, intends to invest a further $16m in the company before the end of 2017 in order to grow its stake to 18%. Conglomerate Mitsui pledged $100m of funding for MatahariMall in October 2016.