JAKARTA, Indonesia & SAN CARLOS, Calif. & MENLO PARK, Calif.--(BUSINESS WIRE)--PT Tokopedia (“Tokopedia”), an online marketplace leader in Indonesia, SoftBank Internet and Media, Inc. (“SIMI”) and Sequoia Capital today announced a definitive agreement between SoftBank Corp. (“SoftBank”) and Tokopedia, among others, under which SIMI is expected to lead a financing round of approximately $100 million, with participation from Sequoia Capital and existing shareholder SB Pan Asia Fund. With this round of funding, SIMI and Sequoia Capital representatives will join the company’s board of directors.
Founded in 2009, Tokopedia has grown rapidly to become Indonesia’s leading online marketplace. With this new capital, Tokopedia will focus on customer acquisition, hiring, and other initiatives to further strengthen its position as the No. 1 marketplace destination in Indonesia. By partnering with Tokopedia, SoftBank aims to further build its presence towards becoming the No. 1 Internet company in Asia and accelerate business growth by leveraging synergies with its other group Internet companies.
William Tanuwijaya, CEO of Tokopedia said, “I’m very excited to welcome SIMI and Sequoia Capital as our new shareholders. I look forward to learning from them and taking Tokopedia to the next level. With this new round, Tokopedia will have enough resources to form the best team, develop world class technology to help our merchants and bring the best commerce experience to our users. We will always prioritize our users, and focus on making our users more successful. And for us that is the most important part of our business model.“
Nikesh Arora, Vice Chairman of SoftBank and CEO of SIMI said, “We are very pleased to be working closely with Tokopedia. In the Asia region, the growth potential for online marketplaces particularly stands out in Indonesia, and since their founding, Tokopedia has seen remarkable growth with their innovative business model. Leveraging synergies with our network of Internet businesses, we are confident we can help Tokopedia’s success in the Indonesian market.”
Shailendra Singh, Managing Director, Sequoia Capital India Advisors said, “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. 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.“
This investment is expected to close in mid-December 2014, subject to certain conditions.
Tokopedia is an online marketplace that enables individuals and business owners in Indonesia to open and maintain their online stores easily and for free, while providing a better and safer online shopping experience.
Tokopedia launched at 17th August 2009, with the vision of shaping better Indonesia through Internet.
Tokopedia also backed by PT Indonusa Dwitama (2009), East Ventures (2010), CyberAgent Ventures (2011), BEENOS (2012), and SB Pan Asia Fund (2013)
To learn more, please visit http://www.tokopedia.com
About the SoftBank Group
The SoftBank Group comprises SoftBank Corp. (TYO:9984) and its subsidiaries and associates that offer a comprehensive range of mobile communications, fixed-line communications and Internet services around the world. With Sprint joining in July 2013, the SoftBank Group became a leading global carrier that now has over 100 million subscribers. Maximizing synergies across its Group companies worldwide, SoftBank aspires to realize lifestyle innovation through IT. The SoftBank Group is also encouraging the adoption of clean and safe energy through its business activities. To learn more, please visit http://www.softbank.jp/en/corp/
About Sequoia Capital
Sequoia Capital helps founders turn imaginative ideas into enduring companies. As the “Entrepreneurs Behind the Entrepreneurs,” the Sequoia team has worked closely with legendary founders such as Steve Jobs of Apple, Larry Ellison of Oracle, Len Bosack and Sandy Lerner of Cisco, David Filo and Jerry Yang of Yahoo!, Max Levchin, Elon Musk and Peter Thiel of PayPal, Sergey Brin and Larry Page of Google, Steve Chen and Chad Hurley of YouTube, and Reid Hoffman and Jeff Weiner of LinkedIn. Sequoia is now helping the next generation of innovators build the lasting companies of tomorrow.
To learn more, please visit http://www.sequoiacap.com