Tokopedia adds Google as its latest investor, sources say

Indonesian ecommerce unicorn Tokopedia has received funding from US-based internet firm Google, adding to an earlier haul from Singapore state fund Temasek Holdings in June, sources close to the company confirmed with Tech in Asia.

DealStreetAsia first reported about the development, saying that Temasek had put in US$500 million at a pre-money valuation of US$7.5 billion, and Google another US$300 million. A source, however, says that those amounts are “totally off” but didn’t disclose the exact figures.

Tokopedia didn’t respond to Tech in Asia‘s queries about the deal.

In July, a Bloomberg report stated that Google and Temasek were in talks to invest in the ecommerce company, which counts SoftBank Group’s Vision Fund and Alibaba founder Jack Ma as investors.

The Indonesian ecommerce market has seen a heated battle between Tokopedia and Shopee.

Tokopedia’s daily active users has grown about 70% from a year ago, according to a third-party estimate seen by Tech in Asia. Meanwhile, Shopee’s estimated user base has also increased significantly, indicating that the pandemic has spurred online shopping in Indonesia.

By : Collin Furtado – TECH IN ASIA

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