Tokopedia confirms it is fund raising, does not reveal if talks are on with China’s JD.com

William Tanuwijaya Photographer: Dimas Ardian/Bloomberg

Indonesia’s PTTokopedia appears to have given away that it is set to bag a new round or investment.  Recent reports have indicated that the country’s largest marketplace site is in talks with Chinese e-commerce major JD.comAlibaba’s largest rival – and the latter is set to pump in a “significant” amount, to the tune of hundreds of millions of dollars, into the platform.

Founder Leonitus Alpha Edison and vice president Amit Lakhotia were answering reporters questions on Thursday and on being asked about rumors relating to JD.com’s potential investment, or if they were looking for funding, they repeatedly said, ‘No Comment’.

Yet, mid-interaction, replying to a query from this portal on fundraising plans for the future, Lakhotia replied, “Let this one close first.” This is perhaps the first time that the company has indicated that it is talking to potential suitors for an investment round.

When quizzed further if the company was currently raising funds, they hastily clarified. ‘Well, everybody is fundraising. Everybody is talking to VCs right now.”

“Don’t worry, we will always announce our fundraises to the media,” Edison assured.

This portal had learnt that Tokopedia had raised around $150 million in an undisclosed round last year from several venture capital firms including Amasia, which has offices in Singapore and California. That funding round, which valued the company at well over a a billion dollars, brought the total amount raised by SoftBank-backed PT Tokopedia to around $250 million.

The firm first announced a successful fundraise in 2014, when it received $100 million from Japan’s SoftBank Corp and Sequoia Capital. The announcement made headlines since it was the first major deal for any Indonesian startup, and sure enough changed the way local media report on startup developments in Indonesia.

Tokopedia recently announced a partnership with state-owned Telkom to allow customers pay their monthly subscription fees to Indihome – Telkom’s pay TV, broadband internet and landlines in one package – through the platform.

Tokopedia was founded by William Tanuwijaya, the son of a factory worker, during an internet boom in Southeast Asia’s largest economy in 2009. The company now has more than 7.5 million transactions per month with a 10-20 per cent monthly growth rate. About 69 per cent users access the company’s site using mobile phones. But the vast majority of transactions still happen through the desktop version of the site.

SimilarWeb ranks Tokopedia the eighth most popular website in Indonesia, beating Twitter and Wikipedia. App Annie had named Tokopedia as the top shopping Android app based on its monthly active user count in February 2016. It is also the most visited local site in Indonesia.

Also Read:

Indonesia: Tokopedia raises $147m in follow-on funding round

Indonesia Dealbook: Andy Zain invests in GDILab; Ramayana partners Tokopedia

JD.com may try investor patience with Tokopedia investment in Indonesia

How Tanuwijaya proved his doubters wrong to build Indonesia’s Alibaba. Tokopedia set to become nation’s first Unicorn

Indonesia: CT Corp to seek investors for subsidiaries before considering IPO, says chairman

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.