MatahariMall.com raises US$100mil to expand ops
SINGAPORE: Indonesia’s MatahariMall.com raised US$100mil in equity financing from investors led by Mitsui & Co as it seeks to bolster its share of the nation’s e-commerce market.
The money was raised from new and existing investors, the Lippo Group-backed company said in an e-mailed statement.
E-commerce in Indonesia is booming as smartphone usage surges and connects more people to online shopping, giving rise to start-ups including Tokopedia.
The country is projected to add internet users faster than any other country in the world through 2020, according to a report by Google and Temasek Holdings Pte Ltd.
MatahariMall.com is the latest in a series of Mitsui investments into online retail. In March, Mitsui led a funding round in Mercari, a Japanese online marketplace, valuing the firm at more than US$1bil.
“Mitsui’s expertise and track record in technology and logistics will help boost the company’s growth plans,” MatahariMall.com chairman Emirsyah Satar said in the statement. — Bloomberg