Tokopedia raised new $1.1 billion led by Alibaba

Tokopedia raised a new US$1.1 billion funding led by Alibaba. Tokopedia founder and CEO William Tanuwijaya has announced that it has approved a new investment round led by Alibaba Group along with other Tokopedia shareholders. The previous funding in 2014 of US$100 million was led by Softbank and Sequoia Capital.

Tinuku Tokopedia raised new $1.1 billion led by Alibaba

"Alibaba Group will become a minority shareholder in Tokopedia," Tanuwijaya said during Tokopedia's 8th Anniversary, in Jakarta on Thursday.

Tanuwijaya said this investment became an important milestone for Tokopedia as one of the best marketplaces in the world and ensured that the acquisition rumors were incorrect. Since last May a rumor says and Alibaba will invest funds for a majority stake in Tokopedia.

"A lot of acquisition offers but we will not sell the company, all the rumors and news is not true. We and the Tokopedia mission is just beginning," said Tanuwijaya.

The new fund will be used to build a major research center in Indonesia and the best in Southeast Asia, bring the world's best talent, accelerate the growth of two million merchants and build millions of new jobs across the archipelago.

"We will work with all our partners, banking, logistics, local government, central government for new innovations," Tanuwijaya said.

Uniquely Alibaba has previously paid US$2 billion for 83 percent of Lazada's stock is headquartered in Singapore as Tokopedia's main competitor in Southeast Asia. Alibaba Group CEO, Daniel Zhang, said Alibaba and Tokopedia share a common mission in encouraging the development of small and medium enterprises.

"We are very pleased to work together with Tokopedia to serve all Indonesians," said Zhang.

Tokopedia was established in 2009 and became the largest marketplace platform company in Southeast Asia that allows millions of small businesses and local brand holders in Indonesia to start and grow their businesses online.