Internet technology provider Google has invested about $300m in Indonesia-based e-commerce marketplace Tokopedia, DealStreetAsia reported today, citing multiple executives aware of the deal.
The funding is part of a larger round with a $1bn target that already includes a $500m contribution from Singapore government-owned Temasek that was initially reported in January this year, before it closed five months later at a $7.5bn pre-money valuation, according to DealStreetAsia.
Founded in 2009, Tokopedia operates an e-commerce platform that sells a diverse range of items including electronics, fashion, cosmetics, toys and home lifestyle products, and which had more than 90 million monthly active users as of May this year.
The company’s overall funding now stands at about $3.1bn. Its last financing prior to this year came in a $1.1bn round in late 2018 that was co-led by telecommunications and internet group SoftBank’s Vision Fund and e-commerce firm Alibaba.
The 2018 round included SoftBank Ventures Asia, an internal corporate venturing unit for SoftBank, in addition to unnamed existing backers, and it valued Tokopedia at roughly $7bn.
Alibaba had previously led a $1.1bn round for Tokopedia the previous year, participating alongside existing backers that may have included SoftBank and venture capital firm Sequoia Capital.
SoftBank’s SB Pan Asia Fund and Softbank Internet and Media subsidiaries had joined Sequoia Capital to supply at least $100m in funding for the company in 2014.
Internet company CyberAgent’s corporate venturing unit, CyberAgent Capital, had already provided undisclosed amounts for Tokopedia in 2011 and 2013. E-commerce company Beenos, financial services firm SBI and East Ventures are among its earlier investors.
