Indonesia-based online marketplace Tokopedia confirmed yesterday it has raised $1.1bn in a funding round co-led by e-commerce group Alibaba and internet and telecommunications conglomerate SoftBank’s Vision Fund.
A direct SoftBank subsidiary, Softbank Ventures Korea, also participated in the round along with undisclosed existing investors. Bloomberg reported last month that the round would value the company at about $7bn.
Tokopedia runs an e-commerce platform with more than 100 million products listed, and is in the process of introducing same-day delivery for an increasing amount of goods. It had more than 80 million monthly active users as of May 2018.
The company has now raised about $2.3bn altogether, $1.1bn of which came in an August 2017 round led by Alibaba that earlier reports suggested could have included SoftBank and venture capital firm Sequoia Capital.
The latter two had invested $100m in Tokopedia in 2014, with SoftBank taking part through its Softbank Internet and Media and SB Pan Asia Fund vehicles.
Internet company CyberAgent had provided undisclosed amounts of funding for the company 2011 and 2013, and its earlier investors include e-commerce company Netprice, financial services provider SBI and VC firm East Ventures.
William Tanuwijaya, Tokopedia’s co-founder and CEO said: “In our first nine years, Tokopedia focused on building Indonesia’s largest marketplace for physical and digital goods.
“Leading into our 10th year, Tokopedia is evolving our ecosystem to infrastructure-as-a-service where our logistics, fulfilment, payments and financial services technologies will empower commerce, both online and offline.
“This will broaden Tokopedia’s scale and reach while improving operational efficiencies for the millions of businesses and partners in our ecosystem and further our mission to democratise commerce through technology in Indonesia.”
