- Proceeds will be used to grow market share
- MatahariMall.com is the latest in a series of Mitsui investments in e-commerce
MATAHARIMALL.com, an Indonesian B2C e-commerce platform, announced an equity round of US$100 million (RM418.93 million) led by Japanese conglomerate Mitsui & Co, with participation from new and existing investors.
Lippo-backed MatahariMall.com, leveraging on its team, brand name, O2O network, delivery infrastructure, products and competitive prices, has been making waves in the market.
The company announced that the proceeds will be used to grow market share and solidify its position as the leading O2O e-commerce player.
"I am very proud of what the team at MatahariMall.com has built and we are pleased to welcome Mitsui as our partner. This is a strong validation of our vision and we look forward to delivering on our next phase of growth. Our vision is to become the leading technology company in Indonesia and drive the region's e-commerce industry forward," stated MatahariMall.com CEO Hadi Wenas.
MatahariMall.com chairman Emirsyah Satar, added: "MatahariMall.com has grown over the past year. This round of funding shows the confidence and optimism investors have in MatahariMall.com's market leadership and long term potential in Indonesia. Mitsui's expertise and track record in technology and logistics will help boost the Company's growth plans."
MatahariMall.com is the latest in a series of Mitsui investments into the e-commerce industry. In March of 2016, Mitsui led a funding round in Mercari, a Japanese C2C e-commerce marketplace, valuing the company above US$1 billion.
Mitsui & Co COO ITC Nobuaki Kitamori commented on the deal, "We are confident about Indonesia, and especially e-commerce in Indonesia. We have closely followed MatahariMall's growth since its inception, and we are excited to be investing in this company."
Mitsui and the Lippo Group have participated in partnerships and investments in the Indonesian technology and media space, including the 4G internet service provider Bolt, Direct-to-Home pay TV service BIGTV, and an 80,000 sqm Data Centre.
The investment into MatahariMall.com will consist of several tranches over a 12-month period.
The Lippo Group is an active player in the Indonesian digital space. In addition to MatahariMall.com, Lippo has built MBiz, an enterprise (B2B) e-commerce platform in Indonesia.
Additionally, through Venturra Capital, Lippo has invested in 24 early stage technology startups in Southeast Asia.
The Lippo Group is also an investor in Grab, a ride hailing company, and earlier this year announced a partnership with Grab to rollout a universal payments platform in Indonesia.
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