JAKARTA (TheInsiderStories) - Japanese private equity firm, Softbank Vision Fund, plans to exit from one of Indonesian portfolios, Tokopedia, by offered its ownerships to another parties, according to several sources. The SoftBank Group’ unit has been invested in the local e-commerce provider since 2013, and remains one of the largest investors in the company.
Global media also reported, that Bridgetown Holdings Ltd (NASDAQ: BTWN), a Hong Kong-based investment company is considering to bough the shares. It said, the negotiations still in an early stage. The third parties denied to comment on the issues.
In the initial public offering prospectus, Bridgetown, announced to assesses the potential targets in the technology, financial services or media sectors in Southeast Asia region as part of the company’ business expansion. The issuer has raises US$550 million in its initial public offering in October.
The tech firm is the second most valuable startup in Indonesia, right behind ride-hailing and delivery giant GoJek, with early support from SoftBank and Chinese Alibaba Group Holding Ltd. Another company owned by the Hong Kong tycoon Richard Li, Pacific Century Group, also hold the minority shares in Tokopedia.
In June, Tokopedia is reportedly has has reached an agreement with Singapore-based Temasek Holdings, to get a fresh funds $500 million. In January, the company was reported in the final stages of closing an investment round valued at around $1.5 billion with Softbank and Alibaba.
The capital injection would make value of the company at $9 billion. The firm was valued at $7 billion in 2018. The big tech had “already mapped out, planned, and prepared the appropriate arrangements needed” for the firm’ listing in the coming years.
Founded in 2009, Tokopedia has become the place for million small retailers to develop business across Indonesia as Southeast Asia largest market. The company raised major investment of $100 million from Softbank Ventures Korea and Sequoia in 2014 for the first time.
in 2017, Alibaba has poured $1.1 billion investment to Tokopedia, the first direct investment by the company in Indonesia. Then in 2018, the operator received another funding $1.1 billion from Softbank, Alibaba, and the existing investors.
This major investment from the investors will lead Tokopedia to become unicorn with the valuation of $1 billion after GoJek, a ride-hailing company bearing status as the first unicorn company in Indonesia with the valuation of $1.3 billion.
The provider will continue to focus on the Indonesian market and encourage economic development and financial inclusion in Indonesia. The online retailer also plans to use the funds to encourage the development of technology and infrastructure to empower local businesses.
The founder, William Tanuwijaya asserted, in the first nine years, Tokopedia focused on building a marketplace that provides physical and digital goods. Entering its tenth year, the retailer will develop logistics, fulfillment, payment and financial services to support trade, both online and offline.
The company has provided access to more than 100 million types of products to the people of Indonesia. With the rate of internet adoption in Indonesia that continues to grow rapidly, the company is in the right position to serve millions of other people.
Tokopedia also considered its share at home and in another market. The company is looking to do the dual listing because it wants its consumers and sellers to also become shareholders, said Tanuwijaya.
Written by Staff Editor, Email: theinsiderstories@gmail.com
