In a press release today, the firms said the round was officially led by SoftBank Internet and Media, Inc. (SIMI) with participation by Sequoia. Both firms will take board seats on Tokopedia as part of the financing.
Founded in 2009, Tokopedia helps businesses and individuals in Indonesia create online stores. The investment, and Tokopedia’s growth, are just the latest signs of how Indonesia’s e-commerce market is rapidly growing.
“I’m very excited to welcome SIMI and Sequoia Capital as our new shareholders,” said William Tanuwijaya, chief executive of Tokopedia. “I look forward to learning from them and taking Tokopedia to the next level.”
Until recently, online shoppers in Indonesia turned to U.S. stalwarts like eBay and Amazon. But now, home-grown rivals like Tokopedia are starting to flex their muscles.
“We are incredibly impressed with William’s vision for Tokopedia and the progress that the company has made in connecting buyers and sellers in a seamless and trustworthy marketplace in Indonesia,” said Shailendra Singh, managing director at Sequoia Capital India Advisors, in a statement. “We are delighted to partner with the Tokopedia team and investors and look forward to working with them in building a leading Internet company for the future.“