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Tokopedia Reportedly Received Funding of IDR 7.1 T from Investors

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Tokopedia Reportedly Received Funding of IDR 7.1 T from Singapore Investors

Tokopedia reportedly received funding of around US $ 500 million or around Rp 7.1 trillion from an investor from Singapore, Temasek. This additional capital was touted as part of the latest funding round for the e-commerce startup.

“We are not commenting on market speculation or rumors,” Tokopedia Nuraini Razak, VP of Corporate Communications, said on Monday (6/22). Tokopedia is reportedly raising new funding this year.

Tokopedia Reportedly Received Funding of IDR 7.1 T from Investors

In February, Nuraini had said that the company targeted investors who could add value, such as Alibaba, Softbank, and Sequoia Capital. Nuraini stated Tokopedia CEO William Tanuwijaya assessed that the three investors added value to the company.

“It’s not only about the money, but also the best practice. How is the application of technology or business from Alibaba in other places, for example,” Nuraini said when met in Jakarta last February (19/2). The application of technology and business models that Alibaba runs is considered to provide added value for Tokopedia in the future.

Therefore, when a company finds a suitable investor and can provide added value, the company will conduct funding. “That is the right time for us to add partners (investors),” Nuraini said.

Tokopedia Hopes to Get New Investors before the IPO

William also briefly said that he hoped to attract new investors before taking the floor on the stock market. The plan, Tokopedia will make an initial public offering (IPO) in two stock exchanges, namely Indonesia and other countries, possible outside of Asia. Although William did not reveal the exact time, Tokopedia was mentioned going to IPO in 2023.

Tokopedia announced its plan to list initial shares via an initial public offering (IPO) in 2019, and said it would be conducted on stock exchanges in two countries, the United States (US) and Indonesia.

Tokopedia Reportedly Received Funding of IDR 7.1 T from Investors

When asked about this issue, Tokopedia Co-Founder and CEO William Tanuwijaya said that his party was still preparing various things needed to be able to make the offer, including questioning the governance of its business.

“The name of the IPO requires a process, right? And so we announced it was indeed a process of several years. Our preparations are still ongoing, but we have not yet determined the time,” William said at the Tokopedia START Summit 2020 event.

Collaborated with the Ministry of Industry to launch #GerakanOtomotifNasional

Tokopedia and the Ministry of Industry collaborate to launch the #National Automotive Movement campaign. This collaboration is a form of innovation in the automotive sector by utilizing online sales facilities.

The aim is so that local entrepreneurs engaged in the automotive sector can continue to market their products and ensure their business continues. As such, #GerakanOtomotifNasional was able to boost sales of the automotive industry, which saw a decline in the performance of up to 40 percent during the COVID-19 pandemic.

Tokopedia Reportedly Received Funding of IDR 7.1 T from Investors

The program in Tokopedia lasts a week, June 22-29, 2020 and consumers can find a variety of automotive product curation, inspiring stories of local automotive business activists who have been guided, to further information related to the campaign through a special page on Tokopedia.

The Minister of Industry of the Republic of Indonesia, Agus Gumiwang Kartasasmita, stated, “The #GerakanOtomotifNasional campaign aims to invite the public to support local Small and Medium Industries (IKM) in the automotive sector so that they can continue to expand their business even in the midst of a pandemic, through online platforms.”

This initiative is also in line with the focus of the government to revive the enthusiasm of SMEs in producing competitive local automotive products to meet the needs of the domestic market to export.

He emphasized that adaptation and innovation are one of the keys in increasing the competitiveness and independence of the nation, and preparing for the revival of national industries in moving the economy in a new normal era.

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