Tokopedia adds Google as its latest investor, sources say

Indonesian ecommerce unicorn Tokopedia has received funding from US-based internet firm Google, adding to an earlier haul from Singapore state fund Temasek Holdings in June, sources close to the company confirmed with Tech in Asia.

However, a Bloomberg report citing sources familiar with the matter said that Google and Temasek Holdings have agreed to invest US$350 million in Tokopedia.

DealStreetAsia first reported about the development, saying that Temasek had put in US$500 million at a pre-money valuation of US$7.5 billion, and Google another US$300 million. A source, however, said that those amounts are “totally off” but didn’t disclose the exact figures.

Tokopedia didn’t respond to Tech in Asia‘s queries about the deal.

In July, a Bloomberg report stated that Google and Temasek were in talks to invest in the ecommerce company, which counts SoftBank Group’s Vision Fund and Alibaba founder Jack Ma as investors.

See: Tokopedia’s next 10 years

The Indonesian ecommerce market has seen a heated battle between Tokopedia and Shopee.

Tokopedia’s daily active users has grown about 70% from a year ago, according to a third-party estimate seen by Tech in Asia. Meanwhile, Shopee’s estimated user base has also increased significantly, indicating that the pandemic has spurred online shopping in Indonesia.

Update (October 26, 2:00pm Singapore time): This article was updated to include the Bloomberg report findings that Google and Temasek Holdings have agreed to invest US$350 million in Tokopedia.