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Google Eyes invests in e-commerce hub Tokopedia

 


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According to Bloomberg News, Temasek Holdings Private Limited, an investment company owned by Google and the Singapore government, is discussing investing up to $1 billion in Tocopedia.

Sources said Indonesian e-commerce retailers backed by SoftBank Group Corp.’s Vision Fund also met with Facebook Inc., Microsoft Corp., and Amazon.com Inc.

But Google and Temasek seem to be most concerned, according to Bloomberg anonymous sources, and negotiations could be completed in a few weeks.

In 2018, SoftBanks Vision Fund and Alibaba Group Holding Ltd., a Chinese multinational technology company specializing in e-commerce, retail, internet and technology, led a $1.1 billion funding round to Tokopedia. ..

Kenny Ho, Alibaba Finance Manager, believes that at the time making it easy to do business is reflected in Tokopedia’s journey.

The infusion was followed by $3 billion raised by ByteDance Ltd., a multinational internet technology company headquartered in Beijing.

The fund’s goal was $100 billion. SoftBank is backed by the Saudi Arabian sovereign wealth fund.

Bloomberg reports that America’s largest Internet company is looking to Asia and Asia, which is exploding with smartphones and technology-savvy residents. Its growth potential contrasts with poor sales in the US and Europe.

According to a recent study by Google, Temasek and Bain, reported by Bloomberg, the country’s e-commerce market is projected to grow from $21 billion in 2019 to $82 billion by 2025.

Facebook bought a stake in Jio Platforms in India, and the WhatsApp unit signed a deal last month to invest in Gojek, a car dispatch service and food delivery giant.

If the deal is signed, Alphabet Inc.’s Google and Temasek will be big scores for one of Southeast Asia’s largest e-commerce operators.

COVID-19’s lockdown has been eased and timed by retailers wanting millions of people in the region to make their first online purchases.

Bloomberg says Tokopedia co-founder and CEO William Tanuwijaya received early support from SoftBank founder Masayoshi Son and Alibaba co-founder Jack Ma to create the country’s most valuable start-up. Was founded.

A spokeswoman for Tokopedia and Temasek declined to comment.

Google didn’t respond to emails asking for comment.

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