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Google and Temasek to Invest $350M in Tokopedia

Google and Temasek Holdings Pte have agreed to invest about $350 million in PT Tokopedia.

Tokopedia, the online marketplace backed by SoftBank Group Corp., was said to have held talks with U.S. internet giants including Facebook Inc., Microsoft Corp., and Amazon.com Inc. The backing of Google and Temasek is a vote of confidence for one of Indonesia’s biggest e-commerce operators, which rode a surge in online shopping during the pandemic.

Tokopedia co-founder and Chief Executive Officer William Tanuwijaya built Indonesia’s most valuable startup after Gojek by scoring early backing from SoftBank founder Masayoshi Son and Alibaba Group Holding Ltd. co-founder Jack Ma.

E-commerce platforms like Tokopedia, Alibaba’s Lazada Group SA, and Singapore-based Shopee — a unit of Sea Ltd. — moved quickly to serve the millions of people forced to make their first online purchases during widespread lockdowns.

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