Alibaba has invested in Indonesia’s largest e-commerce platform, Tokopedia, as the ecommerce giant continues to expand its presence in Southeast Asia.
The Chinese ecommerce company has led a $1.1 billion investment in Tokopedia, which is often referred to as Indonesia’s Taobao and is one of the most visited websites in Indonesia.
The investment gives Alibaba a minor stake in Tokopedia, and is the latest move in the company’s international expansion.
Alibaba has also launched Tmall World to target Chinese-speaking consumers in key markets such as Hong Kong, Taiwan, Singapore and Malaysia.
Alibaba affiliate company Ant Financial has also made a series of investments throughout South East Asia, launching AliPay in Singapore, Malaysia, Indonesia and thePhillipines through a merger with Lazada’s HelloPay. It has also invested in South Korea’s Kakao Pay and Thailand’s Ascend Money.
Alibaba last week posted another strong quarterly result, reporting a 56% increase in revenues of RMB 50.2bn ($7.4bn) and income of RMB 14.03bn ($2bn).