Indonesian e-commerce startup Tokopedia said it has secured $1.1 billion in its latest funding round led by existing investors SoftBank Vision Fund and Alibaba. It is the latest indication of how global strategic investors keep pouring more capital into Southeast Asia’s growing tech sector. Grab, the region’s biggest ride-hailing startup, has said that the total amount raised in its current funding round will likely exceed $3 billion by the end of the year.
Tokopedia, founded in 2009, operates an online marketplace where mainly small merchants sell everything from clothing to cosmetics to gadgets. The startup last year raised $1.1 billion in a round led by Alibaba.