It is understood that discussions are at an advanced stage and, if talks fructify, Tokopedia will pick up a 100 per cent interest in Bridestory. While the size of the transaction could not be confirmed, sources say the deal is likely to value Bridestory at up to $50 million.
When contacted, Tokopedia did not comment, while a Bridestory spokesperson said the company does not comment on market rumors.
Launched in 2014, Bridestory is Indonesia’s leading wedding marketplace, connecting engaged couples with wedding vendors and professionals.
The company secured its Series A investment in 2015 in a round led by Germany’s Rocket Internet and joined by Skystar Capital and Venturra, as well as Sovereigns Capital, East Ventures and Fenox VC which had participated in the Bridestory’s seed round.
The fresh capital gave it the firepower to embark on an international expansion, which saw it roll out operations in the Philippines, Singapore and Australia later in the same year.
The move by Tokopedia seems to be part an effort by the company to double down vertically and strengthen its core marketplace business. The e-commerce unicorn is said to also be in talks to invest in Laku6, a B2C marketplace for used phones, as reported by us last month. Tokopedia is also learnt to have a few other investments lined up in other niche segments.
While Tokopedia has also ventured horizontally into a few new verticals, mostly notably in the fintech sector, its seems to have taken a more measured approach in doing so, especially when compared to that of its local competitor Bukalapak.
In the past year Bukalapak has launched features like video content (BukaNonton), Live TV, quiz and polls (BukaPolling) and even bike-sharing (BukaBike), to add to its fintech features like e-wallet (BukaDana), mutual funds (BukaReksa) and credit payment (BukaCicilan) and (lending) Modal Mitra.
Both Tokopedia and Bukalapak have also made moves to capture Indonesia’s offline market last year by launching O2O services which allows offline merchants to sell various digital products such as internet data, electricity tokens and online game vouchers, as e-commerce products on their respective apps.
Tokopedia is also said to have launched a last mile delivery startup called Anteraja through a $50 million joint venture with China’s SF Express and Indonesia’s Triputra Group. The e-commerce firm has also reportedly picked up a minority stake in payments startup OVO.
The spending spree by Tokopedia is on the back of its $1.1 billion funding round by SoftBank Vision Fund and Alibaba Group, which came just over a year after its previous round, also $1.1 billion, led by Alibaba Group.