Indonesian e-commerce platform TokoTalk snags $3.2m from Altos Ventures

A man looks at his phone in Jakarta, Indonesia. Photo by Muhammad Raufan Yusup on Unsplash

Indonesian social commerce platform TokoTalk has secured an investment of $3.2 million from Silicon Valley-based VC firm Altos Ventures, the startup said in a statement.

Powered by South Korean startup Codebrick, TokoTalk provides a chat-based e-commerce platform on social media networks such as Instagram and WhatsApp. In Indonesia, chat platforms are the preferred method for ordering online purchases.

TokoTalk allows buyers to view catalogues, pay for orders, receive order and shipping confirmation, while also providing customer service convenience for sellers through the use of chatbots.

Since it launched its platform in March 2018, TokoTalk claims that more than 100,000 online sellers have joined its platform and that it now facilitates transactions worth $10 million a year.

“The rise of the internet in Indonesia began with the smartphone era so that the Indonesian people are very attached to social media. Therefore, I am sure that social commerce will grow bigger in Southeast Asia, including Indonesia, Vietnam, and Thailand,” said Codebrick CEO Kyung-min Bang.

Indonesia has the fourth largest amount of Instagram users in the world. Of its total population of 270 million, 62 million Indonesians are Instagram users. Last year, the Indonesian Ministry of Finance announced that 64 per cent of all e-commerce transactions in the country occurred through social media channels, including Instagram, Facebook and Whatsapp.

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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.