William Tanuwijaya, Founder and Chief Executive Officer, Tokopedia. Photo credit: World Economic Forum, licensed under CC BY-NC-SA 2.0

Tokopedia, the Indonesian e-commerce company, has secured $350 million in funding from US tech giant Google and Singapore’s Temasek Holdings, as first reported [paywalled] by Bloomberg. According to Bloomberg, a funding deal between all parties have been reached and could make it to signing soon. It’s said that the $350 million funding falls short of Tokopedia’s initial goal of raising between $500 million to $1 billion.

Tokopedia, an online marketplace, is one of the biggest such marketplaces in Indonesia and in Southeast Asia at large. The company is already heavily capitalized, having raised north of $2 billion in funding since its inception. Its backers include Chinese tech giant Alibaba and Japanese tech conglomerate SoftBank.

The backing of Tokopedia by Google and Temasek appears to be a vote of confidence for the company and could draw even more investors in its quest for additional funding. Tokopedia has long had a very strong business and even more so bolstered its business from a surge in online shopping in Indonesia during the coronavirus pandemic.

Tokopedia was founded in 2009 by entrepreneur William Tanuwijaya who has scaled it from the ground up and with early backing from SoftBank and Alibaba. Being one of Indonesia’s biggest e-commerce companies, Tokopedia was valued at $7 billion by investors from its most recent financing round.

Tokopedia is headquartered in the Indonesian capital of Jakarta. The company employs more than 4,000 people currently.

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