Tokopedia surprised everyone yesterday when it set the record for the largest round of funding in Indonesian startup history. Moments after the news broke of the US$100 million investment from SoftBank and Sequoia Capital, Jakarta’s social media lit up with questions and comments as Tokopedia came under the spotlight. But this big news leaves a lot of room for speculation. There are two questions that the Indonesian tech scene is sure to be asking itself right now.
In what appears to be the largest round for an Indonesian startup on public record, online marketplace startup Tokopedia announced its approximate US$100 million financing round, led by Japanese conglomerate SoftBank Internet and Media Inc (SIMI). Sequoia Capital joined in as a follow on investor. With this round of funding, SoftBank and Sequoia Capital representatives will join the company’s board of directors. The funding also comes as Sequoia Capital’s first investment in Indonesia.