Tokopedia Acquisition, Valuation, Funding & Investors

Tokopedia was acquired by TikTok for $1.8B in December 2023, a 3.2x multiple on $579M of revenue.

Tokopedia acquisition price

$1.8B

Acquired by TikTok · Dec 2023

Tokopedia revenue at acquisition

$579M

Last twelve months · Dec 2023

Tokopedia revenue multiple at acquisition

3.2x

EV/Revenue · Dec 2023

Cumulative funding Tokopedia raised

$2.8B

across 9 funding rounds

Tokopedia Overview

About Tokopedia

Tokopedia is an Indonesian online marketplace, founded in 2009 in Jakarta by William Tanuwijaya and Leontinus Alpha Edison, on which individuals and businesses open and run online stores. By December 2020 it reported more than 100 million monthly active users, 9.7 million merchants and more than 350 million product listings across 42 digital categories. It earns revenue from commissions, advertising and fintech and digital products sold through its Mitra Tokopedia application. Investors included SoftBank, Sequoia Capital, Alibaba Group, Google and Temasek, and it raised US$1.1 billion in 2017 and again in 2018. It merged with Gojek in May 2021 to form the GoTo Group. In December 2023 TikTok agreed to acquire 75.01% of the company, and GoTo lost control of Tokopedia from 1 February 2024.


Founded

2009

HQ

IndonesiaJakarta

Status

Acquired

Customer focus

B2C

Revenue model

Commission

Revenue

$579M (Dec 2023)

Valuation

$7.8B (Nov 2020)

Tokopedia Acquisition

Tokopedia was acquired by TikTok for $1.8B on 11 December 2023.

The acquisition price implies a 3.2x revenue multiple on $579M of revenue.

Before the acquisition Tokopedia had raised $2.8B across 9 funding rounds.

On 11 December 2023 TikTok, a unit of ByteDance, announced that it would acquire 75.01% of Tokopedia from GoTo for US$840 million. As part of the transaction, Tokopedia was to take over TikTok Shop's Indonesian business, and TikTok committed to invest over US$1.5 billion to fund the combined operation. GoTo retained a 24.99% stake, and the transaction caused GoTo to lose control of Tokopedia from 1 February 2024. The deal was structured to let TikTok resume e-commerce selling in Indonesia after the government had banned social commerce transactions. Tokopedia, founded in 2009, is Indonesia's largest e-commerce marketplace, serving more than 100 million monthly active users and 9.7 million merchants as of December 2020.

Tokopedia acquisition details
AcquirerDateTypePriceEV/Revenue
  • TikTok
11 Dec 2023Strategic M&A$1.8B3.2x

Sources: linkedin.com, en.wikipedia.org, gotocompany.com

Tokopedia Valuation

Tokopedia is currently valued at $7.8B, based on its Series H in November 2020. Read the announcement ↗

The $350M round was led by Alphabet and Temasek.

Tokopedia's valuation has grown 1.1x from $7B at its Series G in November 2018 to $7.8B in November 2020, across 2 priced rounds.

Tokopedia valuation by funding round

Tokopedia valuation by funding round
DateStageValuation
Nov 2020Series H$7.8B
Nov 2018Series G$7B

Tokopedia Funding History

Tokopedia has raised a total of $2.8B across 9 funding rounds.

Tokopedia's first fundraising round was a seed round in January 2010. The most recent completed round was a $350M Series H in November 2020.

Tokopedia funding rounds

Tokopedia funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2020Series HAlphabet (lead); Temasek (lead)$350M$7.8BTokopedia, an Indonesian e-commerce unicorn founded in 2009, operated a consumer-to-consumer and business-to-consumer marketplace platform serving over 100 million monthly active users and 9.7 million merchants by December 2020, with more than 350 million product listings across 42 digital categories. The company merged with Gojek in May 2021 to form GoTo Group (PT GoTo Gojek Tokopedia Tbk), one of Southeast Asia's largest digital ecosystems combining e-commerce, ride-hailing, and financial services. GoTo listed on the Indonesia Stock Exchange (IDX:GOTO) in 2022, with recent revenue reaching 15.89T IDR in 2024 and 17.53T IDR TTM as of Q3 2025, alongside ongoing losses indicated by negative EPS and net margins.
Nov 2018Series GAlibaba Group (lead); SoftBank Group (lead); EV Growth$1.1B$7BTokopedia raised US$1.1 billion in a Series G round in November and December 2018, led by existing investors Alibaba Group and SoftBank, whose holding had recently moved to the SoftBank Vision Fund. The round was reported as valuing the Indonesian marketplace at about US$7 billion, a figure TechCrunch understood from a source because the company did not comment on valuation. It took the total capital raised by Tokopedia to US$2.4 billion, following a US$1.1 billion round led by Alibaba in 2017 and a US$100 million round led by SoftBank in 2014. Tokopedia, founded in 2009, operates a marketplace on which merchants open online stores, and it was then the third highest-valued private technology company in Southeast Asia. Its chief executive said at the time that there were no plans to expand beyond Indonesia.
Aug 2017Series EAlibaba Group (lead); SoftBank Group; ZWC Partners; SBVA$1.1B-Tokopedia, an Indonesia-based e-commerce marketplace founded in 2009, raised $1.1 billion in August 2017 led by Alibaba Group, with participation from existing investors including SoftBank. The platform enables small and midsized businesses to set up free online stores and sell across Indonesia. Prior to this, Tokopedia had raised $100 million from SoftBank and Sequoia in 2014, bringing total capital to $1.3 billion post-round. The 2017 investment aimed to enhance scale, offerings, and global expansion for merchants.
Apr 2016Series EPacific Century Group (lead)$147M-Tokopedia, the Indonesian online marketplace founded in 2009, raised US$147 million in funding in April 2016. It followed the October 2014 round of US$100 million led by SoftBank Internet and Media with Sequoia Capital, which had made Tokopedia the first technology company in Southeast Asia to receive a US$100 million investment. The 2016 proceeds extended the company's funding ahead of the US$1.1 billion round led by Alibaba Group that came a year later. Tokopedia lets individuals and businesses open and run online stores in Indonesia, and by 2016 it was positioned as one of the country's largest marketplaces.
Oct 2014Series ESoftBank Group (lead); SBVA; Peak XV Partners$100M-Tokopedia is an online marketplace founded in 2009 that enables individuals and business owners in Indonesia to open and maintain their online stores easily and for free while providing a safer online shopping experience. The platform connects buyers and sellers through a seamless marketplace model similar to Flipkart, Amazon India, and Alibaba.com. In October 2014, Tokopedia raised approximately $100 million in a Series B round led by SoftBank Internet and Media (SIMI), with participation from Sequoia Capital and existing shareholder SB Pan Asia Fund. The company used the proceeds to focus on customer acquisition, hiring, and other initiatives to strengthen its market position as Indonesia's leading online marketplace. At the time of the investment, both SIMI and Sequoia Capital representatives joined Tokopedia's board of directors. The investment reflected growing investor interest in Southeast Asian e-commerce platforms and SoftBank's strategic goal to become the leading Internet company in Asia.
Jun 2013Series DSBVA (lead); East Ventures; CyberAgent Capital--SoftBank Ventures Korea led a 2013 funding round of undisclosed size in Tokopedia, with CyberAgent Ventures and East Ventures participating. It was the first institutional involvement of the SoftBank group in the Indonesian marketplace, which later led the US$100 million round of October 2014 through SoftBank Internet and Media. The amount was not disclosed. Funding of this kind allowed Tokopedia to expand its seller programmes and technology team. Tokopedia was founded in 2009 in Jakarta by William Tanuwijaya and Leontinus Alpha Edison and lets individuals and businesses open and run online stores. It later became Indonesia's largest e-commerce marketplace, with more than 100 million monthly active users and 9.7 million merchants by December 2020.
Jan 2012Series CBeenos Partners (lead)--Beenos, a Japanese internet company that operates the Netprice site, invested an undisclosed sum in Tokopedia in 2012. It followed the 2011 Series B funding from CyberAgent Ventures and preceded the 2013 round led by SoftBank Ventures Korea. The amount was not published. The funding supported the growth of the Jakarta-based marketplace as it built its merchant base. Tokopedia was founded in 2009 in Jakarta by William Tanuwijaya and Leontinus Alpha Edison and lets individuals and businesses open and run online stores. It later became Indonesia's largest e-commerce marketplace, with more than 100 million monthly active users and 9.7 million merchants by December 2020.
Jan 2011Series BCyberAgent Capital (lead)$700K-CyberAgent Ventures provided US$700,000 in Series B funding to Tokopedia in 2011. The Japanese corporate venture arm joined East Ventures, which had invested in 2010, as an early backer of the Indonesian marketplace. The round was small, reflecting the stage of a company that had been operating for about two years. CyberAgent later participated again when SoftBank Ventures Korea led a round in 2013. Tokopedia was founded in 2009 in Jakarta by William Tanuwijaya and Leontinus Alpha Edison and lets individuals and businesses open and run online stores. It later became Indonesia's largest e-commerce marketplace, with more than 100 million monthly active users and 9.7 million merchants by December 2020.
Jan 2010SeedEast Ventures--East Ventures provided an undisclosed amount of funding to Tokopedia in 2010, following the 2009 seed funding supplied by the holding group Indonusa Dwitama. East Ventures, an Indonesian venture capital firm, was among the first institutional investors in the marketplace. The investment came while Tokopedia was still a young Jakarta start-up building its seller base. The size of the cheque was not published. It was followed by CyberAgent Ventures in 2011, Beenos in 2012 and SoftBank Ventures Korea in 2013 before the US$100 million round of 2014. Tokopedia was founded in 2009 in Jakarta by William Tanuwijaya and Leontinus Alpha Edison and lets individuals and businesses open and run online stores. It later became Indonesia's largest e-commerce marketplace, with more than 100 million monthly active users and 9.7 million merchants by December 2020.

Who has invested in Tokopedia?

12 investors have backed Tokopedia across its funding rounds, including SoftBank Group, SBVA, East Ventures, Alibaba Group, CyberAgent Capital and Peak XV Partners.

Lead investors include Alphabet, Temasek, Alibaba Group, SoftBank Group, Pacific Century Group and 3 other investors.


Tokopedia Investors

Investors in Tokopedia by funding rounds participated
InvestorHQRoundsRoleFirst check
SoftBank GroupJapanTokyo3LeadOct 2014
SBVASouth KoreaSeoul3LeadJun 2013
East VenturesIndonesiaJakarta2ParticipantJan 2010
Alibaba GroupChinaHangzhou2LeadAug 2017
CyberAgent CapitalJapanTokyo2LeadJan 2011
TemasekSingaporeSingapore1LeadNov 2020
ZWC PartnersHong KongHong Kong1ParticipantAug 2017
Beenos PartnersJapanTokyo1LeadJan 2012
EV GrowthSingaporeSingapore1ParticipantNov 2018
Pacific Century GroupHong KongHong Kong1LeadApr 2016

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Tokopedia

Tokopedia has acquired 1 company to date.

Last acquisition by Tokopedia was on June 19th 2019. Tokopedia acquired Bridestory for $33M.


Latest Acquisitions by Tokopedia

Bridestory
Description
Bridestory is a Southeast Asia-based wedding marketplace headquartered in Jakarta, Indonesia, linking engaged couples with professionals in photography, venues, makeup, and catering. Launched in 2013, the platform operates in Indonesia, Singapore, Malaysia, and the Philippines, featuring portfolios from over 20,000 vendors and real wedding stories. Bridestory facilitates bookings, pricing comparisons, and inspiration boards for multicultural celebrations.
HQ CountryIndonesia
HQ City
Jakarta
Deal Date19 Jun 2019
Valuation$33M
EV/Revenue
EV/EBITDA

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Tokopedia Competitors

Tokopedia competitors include listed companies like Ziff Davis and Ibotta, and private ones like Whop, Trax, DealShare and Ganji.

Public and private companies comparable to Tokopedia
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
WhopUnited StatesNew York City, NYPrivate$400M-$5.1B12.8x
Ziff DavisUnited StatesUnited StatesPublicly listed$1.5B$335M$1.7B0.9x
TraxUnited KingdomLondonPrivate--$2B-
DealShareIndiaBangalorePrivate$258M-$1.6B6.3x
GanjiChinaBeijingPrivate--$1.6B-
IbottaUnited StatesUnited StatesPublicly listed$342M$7M$1.4B3.4x

Tokopedia Public Comps

Tokopedia is no longer listed, but its public comps include Ziff Davis, The RealReal, eFinance, GO, Mony Group, Goto Gojek Tokopedia, CarTrade Tech, Ibotta, TX Group and Urban Company.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Ziff Davis$1.5B$335M0.8x0.9x3.5x3.2x
The RealReal$693M$15M2.8x2.4x129.1x28.6x
eFinance$125M$65M11.6x-22.3x-
GO$262M$49M4.5x4.2x24.4x18.5x
Mony Group$600M$184M2.4x2.4x7.9x7.5x
Goto Gojek Tokopedia$1B($16M)0.3x0.3x(20.3x)2.3x
CarTrade Tech$82M$33M15.8x14.1x39.0x39.7x
Ibotta$342M$7M3.6x3.4x168.3x19.5x

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Common questions about Tokopedia

When was Tokopedia founded?Tokopedia was founded in 2009.
Where is Tokopedia headquartered?Tokopedia is headquartered in Jakarta, Indonesia.
Is Tokopedia publicly listed?No, Tokopedia was acquired by TikTok in December 2023.
Who acquired Tokopedia?Tokopedia was acquired by TikTok in December 2023.
How much was Tokopedia acquired for?Tokopedia was acquired for $1.8B in December 2023, a 3.2x revenue multiple.
What is Tokopedia's valuation?Tokopedia was last valued at $7.8B in its Series H in November 2020.
How much funding has Tokopedia raised?Tokopedia has raised $2.8B across 9 funding rounds.
What was Tokopedia's last funding round?Tokopedia's last funding round was a $350M Series H in November 2020, led by Alphabet and Temasek.
Who are Tokopedia's investors?Tokopedia's investors include SoftBank Group, SBVA, East Ventures, Alibaba Group, CyberAgent Capital, Temasek, ZWC Partners, Beenos Partners, EV Growth, Pacific Century Group and 2 others.
Which companies are comparable to Tokopedia?Companies comparable to Tokopedia include Whop, Ziff Davis, Trax, DealShare, Ganji and Ibotta.
How many companies has Tokopedia acquired?Tokopedia has acquired 1 company, including Bridestory.
What was the largest acquisition by Tokopedia?The $33M acquisition of Bridestory in June 2019 is the largest acquisition Tokopedia has made to date.

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