Tokopedia CEO William Tanuwijaya. Photo credit: World Economic Forum / Sikarin Thanachaiary, under Creative Commons license

Indonesian e-commerce company Tokopedia is in talks to raise new funding from investors including Google and Temasek Holdings, as first reported by Bloomberg. The company is said to be in talks to raise a new funding round of between $500 million and $1 billion. According to Bloomberg, Tokopedia has also held talks with the likes of Facebook, Amazon, and Microsoft but those talks don’t seem to have morphed into concrete deals. Google is not new to investing in the Indonesian market, as the company has invested a sizeable amount in Gojek, the country’s most prominent on-demand platform. Temasek also is an investor in Gojek.

Since its inception, Tokopedia has raised more than $2 billion in funding as a private company. Investors in the company include the likes of Alibaba, Sequoia Capital India, and the SoftBank Vision Fund. Tokopedia was valued at high as $7 billion as of its last funding round in 2018 and plans to hold a public listing in its homeland of Indonesia as well as another yet-undecided location, according to the company’s CEO, William Tanuwijaya.

Indonesia has a rapidly growing e-commerce market that’s projected to sprout from $21 billion in 2019 to $82 billion by 2025, according to a recent joint study by Google, Temasek, and Bain & Co.  This has apparently made the country a battleground with fighters in the form of numerous companies looking to get a foothold in its market. Tokopedia is one of such fighters, albeit a dominant one.