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The people who built Indonesia’s companies · November 2026

E-commerce marketplace

Tokopedia

William bet that people in small towns deserved the same shops as people in big cities, and built a marketplace where anyone could open a store for free.

William Tanuwijaya
William Tanuwijaya. Photograph: Priscilla anais, CC BY-SA 4.0, via Wikimedia Commons

For years, William Tanuwijaya spent twelve hours a day in an internet cafe. He was not there to play. It was a part-time job that paid for his degree at BINUS University, and it lasted until he graduated in 2003.

He came from Pematangsiantar, a town in North Sumatra, born in 1981 into a middle-income family that supported his schooling. After graduating he moved through ordinary jobs: software developer at Telkomsigma and Sqiva Sistem, game developer at Bolehnet, then IT and business development manager at Indocom Mediatama in 2006. A decent career, steady, safe.

The US trade office listed it as a notorious market over counterfeit goods.

In 2007 he started building something else. The itch was simple. A person in a small town could not reach the products that a person in Jakarta took for granted, books for instance. Technology, he thought, could close that gap. He asked his friend Leontinus Alpha Edison to join him. The name was a mash-up of toko, Indonesian for shop, and encyclopedia: a store for everything.

What almost nobody mentions is what else was happening that year. Around the same time his father was diagnosed with cancer. The company was being born under the shadow of family illness, which says something about how much a salaried job was worth against a dream still two years from launch.

Tokopedia launched on 6 February 2009 and opened to the public on 17 August. The first money was small: Rp2.5 billion from PT Indonusa Dwitama. East Ventures, CyberAgent and SoftBank Ventures Korea followed. In 2014 Sequoia and SoftBank put in US$100 million. Then Alibaba led US$1.1 billion in 2017 and another US$1.1 billion in 2018, valuing it around US$7 billion.

Growth came with scars. A data breach in 2020 reportedly exposed 15 million user records. The US trade office listed it as a notorious market over counterfeit goods. In 2021 it merged with Gojek into GoTo. In December 2023 TikTok agreed to buy 75% for about US$1.5 billion, and in 2024 around 70 staff were laid off.

The pattern for founders: a cafe seat, a small-town frustration, and one friend willing to join. Scale came later. The founding impulse was personal and specific, and it survived a family crisis.

The Chronology year by year

  1. 2009
    • launched 6 Feb, public 17 Aug
  2. 2014
    • US$100m round
  3. 2017
    • 18: Alibaba rounds, US$7bn valuation
  4. 2018
    • Mitra Tokopedia
  5. 2019
    • TokoCabang
  6. 2020
    • >100m monthly users, 9.7m merchants
  7. 2021
    • merged with Gojek into GoTo (17 May)
  8. 2023
    • TikTok agreed to buy 75% for ~US$1.5bn
  9. 2024
    • ~70 layoffs

The Money Trail how it was funded

  1. 2009 seed Rp2.5bn (PT Indonusa Dwitama)
  2. 2010-2013 East Ventures, CyberAgent Ventures, NetPrice, SoftBank Ventures Korea
  3. 2014 US$100m (Sequoia, SoftBank)
  4. 2016 US$147m
  5. 2017 US$1.1bn (Alibaba)
  6. 2018 US$1.1bn (Alibaba, SoftBank) at ~US$7bn

Principal backers: Alibaba, SoftBank, Sequoia Capital, East Ventures, CyberAgent Ventures

The Close Calls what nearly broke it

  • May 2020 data breach reportedly exposing 15m users
  • US 'notorious market' listing since 2018 over counterfeit goods
  • 2023-24 loss of share to TikTok Shop and the TikTok deal
  • June 2024 layoffs of ~70

In Their Own Words from the record

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