Alibaba invests $1b in Indonesia's online marketplace TokopediaBy Zhang Jie | chinadaily.com.cn | Updated: 2017-08-18 14:01
Alibaba invests $1b in Indonesia's online marketplace Tokopedia
http://www.chinadaily.com.cn/business/2017-08/18/content_30780464.htmChina's e-commerce giant Alibaba will invest $1.1 billion in Indonesia's largest online marketplace Tokopedia.
Previously, the Jakarta-based e-commerce had completed seven rounds of fundraising totaling $247.7 million, with investors including Softbank and Sequoia Capital.
In May, Alibaba's rival JD.com was rumored to invest millions of dollars in the Indonesian company.
Alibaba's move is a latest step in the company's expansion of its online retail business in Southeast Asia.
Before the funding in Tokopedia, Alibaba had invested in Singapore-based online mall Lazada Group SA to acquire 83 percent of its stake.
In June, Alibaba announced a plan to sell Chinese goods abroad.
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