Alibaba whips up $1.1bn in­vest­ment for Toko­prdia

Southeast Asia Globe - - Agenda / Business In Brief -

The In­done­sian on­line mar­ket­place Toko­pe­dia has raised $1.1 bil­lion in an in­vest­ment round led by the Chi­nese in­ter­net con­glom­er­ate Alibaba, end­ing months of spec­u­la­tion over the in­ter­net giant’s in­ter­est in the e-com­merce firm.

While the value of the deal was not pub­licly dis­closed, the two par­ties con­firmed that Alibaba had be­come a mi­nor­ity share­holder. The deal reaf­firms Alibaba’s com­mit­ment to a re­gion that Google and Sin­ga­porean wealth fund Te­masek pre­dicted would have an e-com­merce in­dus­try worth $88 bil­lion in 2035, up from $5.5 bil­lion in 2015.

Last year, the Chi­nese com­pany bought a 51% stake in the Ger­man-owned, South­east Asia-based e-com­merce firm Lazada for $1 bil­lion. Some an­a­lysts have spec­u­lated about a fu­ture merger be­tween the two com­pa­nies, though Daniel Zhang, Alibaba’s CEO, ap­peared to rule out con­sol­i­da­tion when he spoke of gen­er­at­ing “a lot of syn­er­gies and chemistries” in the In­done­sian mar­ket.

“We have al­ways thought of Alibaba as our teacher and role model,” Toko­pe­dia CEO and co-founder Wil­liam Tanuwi­jaya said in a state­ment. “We be­lieve that our part­ner­ship will fur­ther ac­cel­er­ate Toko­pe­dia’s mis­sion, to democra­tise com­merce through tech­nol­ogy.”

Alibaba founder Jack Ma

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