markets Raises $100 Million to Expand in E-Commerce

Indonesia’s raised $100 million 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 Wednesday.

E-commerce in Indonesia is booming as smartphone usage surges and connects more people to online shopping, giving rise to startups 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. 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 $1 billion.

“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.

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