Alibaba has become a minority stakeholder in Tokopedia, leading a US$1.1 billion investment deal into the Indonesian e-commerce firm, reports TechCrunch. While there was no official announcement of the valuation, the companies acknowledged that Alibaba has become a minority stake holder.
Tokopedia operates a marketplace offering vendors access to consumers in Indonesia, Southeast Asia’s largest economy.
“The partnership with Alibaba will enhance the scale and quality of Tokopedia’s offerings to its customers and make it easier for merchants and partners to do business across the archipelago and beyond,” the companies said in an announcement.
“We have always thought of Alibaba as our teacher and role model,” Tokopedia CEO and co-founder William Tanuwijaya said in a statement. “Today, we are excited to welcome them as a shareholder and we believe that our partnership will further accelerate Tokopedia’s mission, to democratize commerce through technology.”