Along with its acquisition of Bridestory, Tokopedia said it has also sealed a deal to acquire activities marketplace Parentstory, a separate business under Bridestory. The deal marks an exit for Bridestory’s investors which include Skystar Capital, Venturra and East Ventures.
DEALSTREETASIA had first reported in May that Tokopedia was in talks to acquire Bridestory.
Tokopedia says it has acquired all the assets of Bridestory and Parentstory, including physical and digital assets,
intellectual property, and human resources. The deal also sees Bridestory founder and CEO Kevin Mintaraga join Tokopedia’s management as Vice President, while Bridestory co-founder Doni Hanafi will take up the position of COO of Bridestory.
However, in terms if their operation, the two companies will continue to develop their products and run their businesses independently, Tokopedia said.
“Through this acquisition, Tokopedia is committed to become a partner for these vendors to help them grow and evolve through technology, in favor to provide every bride and groom in Indonesia the best experience for one of the best moments of their lives. It is also the same with Parentstory in providing parents the best solutions and activities for their children,” said Tokopedia co-founder and CEO William Tanuwijaya.
Through this acquisition, Bridestory and Parentstory will be able to synergize their services and harness Tokopedia’s platform and ecosystem to further expand their reach.
Moreover, Bridestory partners will be able to utilize Tokopedia platform for their interests in presenting their products and services. Correspondingly, Parentstory users, as well as partners, can purchase various choices of children’s activities through Tokopedia.
Launched in 2014, Bridestory is Indonesia’s leading wedding marketplace, connecting 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 also participated in 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.
Bridestory and Parentstory are understood to be two of several companies Tokopedia has been in talks with for potential acquisition or investment as the e-commerce firm looks to expand into new segments. We have previously reported about Tokopedia’s discussions with agritech startup Sayurbox and used phone e-tailer Laku6.
Commenting on Tokopedia’s vision ahead, Tanuwijaya said: “As a technology company, in the first ten years, Tokopedia has been dedicated to helping business owners become e-commerce based businesses. For the next ten years, Tokopedia strives to help every business in Indonesia evolve into technology-based businesses.”