Caixin
Dec 13, 2018 06:30 PM
BUSINESS & TECH

Alibaba, Softbank Lead $1.1 Billion Funding Round for Indonesia's Taobao

Engineers at PT Tokopedia, Indonesia’s largest digital retailer, work in their Jakarta office on Sept. 18. Photo: IC
Engineers at PT Tokopedia, Indonesia’s largest digital retailer, work in their Jakarta office on Sept. 18. Photo: IC

Alibaba Group and SoftBank Vision Fund have led a $1.1 billion funding round in PT Tokopedia, Indonesia’s answer to Taobao, following the Chinese e-commerce giant’s first investment in Tokopedia last year.

The latest round is set to help Alibaba Group Holding Ltd. up its stake in the burgeoning e-commerce scene in Indonesia, the region’s largest economy. Alibaba already has a payment and e-commerce presence in Thailand, Singapore, Indonesia and Malaysia.

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