Alibaba Leads USD1.1 Billion Funding Round for Indonesia's Largest E-Commerce Platform
Zhang Xia
/SOURCE : Yicai
Alibaba Leads USD1.1 Billion Funding Round for Indonesia's Largest E-Commerce Platform

(Yicai Global) Aug. 18 -- Alibaba Group Holding Ltd. [NYSE: BABA] will continue its strategic expansion into Southeast Asia by leading a USD1.1 billion financing round in PT Tokopedia, Indonesia's largest e-commerce platform, Global E-Businessmen reported.

Founded in 2009, Tokopedia is the most-visited website in the country. In 2014, it secured USD100 million in investment from SoftBank Internet and Media Inc. and Sequoia Capital.

"Share like a teacher and learn like a student is Tokopedia's culture," said William Tanuwijaya, co-founder. "We have always thought of Alibaba as our teacher and role model. We are excited to welcome them as a shareholder and we believe that our partnership will further accelerate Tokopedia's mission, to democratize commerce through technology."

Zhang Yong, chief executive at Alibaba, also said both companies share a vision to help Tokopedia succeed, and they eagerly await a closer cooperation to serve Indonesia's consumers.

Southeast Asia is a key area on Alibaba's globalization map. Indonesia has a population of 260 million, a large portion of Southeast Asia's 600 million. The Chinese e-commerce giant has already invested in Lazada, the region's largest e-commerce platform, and announced in June that its interest in the firm had reached 83 percent after a USD1 billion capital injection.

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Keywords: Alibaba , Tokopedia , E-COMMERCE , Southeast Asia , Indonesia , FINANCING