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Indonesia's Tokopedia gets top investment from Alibaba

$1.1bn funding round may portend consolidation of e-commerce

Tokopedia is among the e-commerce sites awaiting a Bank Indonesia license to restart its e-wallet services. (Photo by Erwida Maulia)

JAKARTA -- Tokopedia, a leading Indonesian e-commerce company, has received investment from China's Alibaba Group Holding as the lead investor in a $1.1 billion funding round.

The deal was announced by Tokopedia on Thursday and confirms the Chinese company's interest in online retailing in Southeast Asia's largest economy. It also puts an end to months of speculation about an incoming big-name investor.

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