Indonesia-based e-commerce platform Tokopedia is nearing the close of a $1.5bn funding round featuring e-commerce firm Alibaba and telecommunications firm SoftBank, the Financial Times reported yesterday.
The round is set to be led by a $500m contribution from Singaporean government-owned investment firm Temasek, and the cash will be raised at an $8bn to $9bn valuation, several people familiar with the matter told the FT.
Tokopedia operates an e-commerce marketplace with 90 million monthly active users that is the market leader in Indonesia, according to the FT.
The round will probably be its last before it pursues a flotation. Company president Patrick Cao told Nikkei Asian Review last week it could possibly opt for a dual listing in the US and Indonesia.
Alibaba co-led a $1.1bn round for the company with SoftBank’s Vision Fund in late 2018 that included fellow corporate venturing unit SoftBank Ventures Asia and undisclosed existing investors at a valuation of about $7bn, taking its overall funding to more than $2.3bn.
Tokopedia received $1.1bn in a round led by Alibaba the year before, following $100m in series B funding from SoftBank’s SB Pan Asia Fund and Softbank Internet and Media units in addition to venture capital firm Sequoia Capital in 2014.
The company secured funding from internet company CyberAgent’s corporate VC fund in 2011 and 2013, and its earlier backers include e-commerce company Beenos, financial services firm SBI and VC firm East Ventures.
