In a round of funding led by SoftBank Vision Fund and Alibaba Group, PT Tokopedia, a major technology company in Indonesia, has raised $1.1 billion in USD. The company works to democratize commerce through technology and plans to invest the money in technology and infrastructure that will help millions of local businesses grow.
For the past nine years, Tokopedia worked to build up the Indonesian marketplace by making goods more accessible to consumers who live in less populated areas, as well as improving business for merchants who live in small towns. The company now serves 93 percent of districts in Indonesia across 17,000 islands, quadrupling its gross merchandise value and introducing same-day delivery of products for 25 percent of its customers within the past year.
With Softbank Vision Fund’s investment, the company is now valued around $7 billion and has become the country’s most valuable startup. Softbank Vision Fund, a venture capital company that focuses on technological developments, receives funding from many companies, including the Public Investment Fund of the Kingdom of Saudi Arabia, and has, subsequently, invested in many American companies from Silicon Valley.
“Leading into our tenth year, Tokopedia is evolving our ecosystem to infrastructure-as-a-service where our logistics, fulfillment, 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 democratize commerce through technology in Indonesia,” said William Tanuwijaya, CEO and Co-Founder of Tokopedia.
