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Tokopedia secures $1.1B in Alibaba-led financing round

Indonesian e-commerce operator PT Tokopedia secured $1.1 billion in its latest financing round led by Alibaba Group Holding Ltd. and SoftBank Group Corp.'s vision fund, with participation by SOFTBANK Ventures Korea Inc. and other existing investors.

Tokopedia said it intends to use the funds to build its technology and infrastructure, in order to expand its business and improve customer service.

"Leading into our 10th 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," co-founder and CEO William Tanuwijaya said.

The investment, first announced in August 2017, makes Alibaba a minority shareholder in the Indonesian e-commerce platform. The Chinese giant in March also injected an additional $2 billion in Singapore-based Lazada Group, strengthening its position in the Southeast Asian market.