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Tuesday, October 22nd, 2019 raises US$100mil to expand ops

by October 19, 2016 General

SINGAPORE: Indonesia’s 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. 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,” chairman Emirsyah Satar said in the statement. — Bloomberg