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MatahariMall.com among SE Asia’s best-funded startups

The latest Indonesian e-commerce venture, MatahariMall.com, is the second-best funded startup in Southeast Asia, according to a report by Tech in Asia.

MatahariMall.com is an initiative of the Lippo Group, which has allocated USD500 million in investment over the next two to three years to create an e-commerce company with an expected USD1 billion in sales within one-and-a-half to two years that will become the "Alibaba of Indonesia".

The Tech in Asia report says MatahariMall.com only has to leave Lazada ahead of it in the region. That e-commerce initiative – backed by Summit Partners, Tengelmann Ventures and Temasek Holdings – has a total funding of USD686 million.
 

(Source: Jakarta Globe )