How much funding has Matahari Mall received?

Lippo Group again injected US$41.8 million (approximately Rp543 billion) into Matahari Mall in September 2017. According to Techinasia data, this was the third funding round for the Lippo Group-owned e-commerce company, classified as an unspecified stage.

Previously, Matahari Mall received US$100 million (Rp1.3 trillion) in October 2016 from Mitsui & Co. In February 2015, it also received undisclosed funding from Lippo Group. Matahari Mall, an e-commerce company founded in January 2014, aimed to become Indonesia's Alibaba. At that time, Lippo Group stated it would invest US$500 million (approximately Rp6.5 trillion). However, this funding has raised questions about its allocation.

However, Matahari Mall faced competition from other e-commerce players, including Alibaba.com itself. As is known, Alibaba Group acquired Lazada for US$1 billion (approximately Rp1.3 trillion) and invested US$1.1 billion (Rp14.3 trillion) in Tokopedia.com.