Indonesian ecommerce platform TokoTalk secures US$3.2 million from Altos Ventures - Reuters
Summary
Powered by South Korean startup Codebrick, TokoTalk provides a chat-based ecommerce platform on social media networks including Instagram and Whatsapp. Codebrick’s CEO Kyung-min Bang commented on the deal, “the rise of the internet in Indonesia began with the smartphone era so that the Indonesian people are very attached to social media. Last year, the Indonesian Ministry of Finance announced that 64 percent of all e-commerce transactions in the country occurred through social media.channels, including Instagram, Facebook, and Whatsapp. With the new funding, the startup plans to strengthen its features, particularly in terms of payment process and marketing tools. “Those improvements are hoped to lead to an increase in the number of transactions, up to US$20 million per month in orders and being a significant player in the social commerce platform market in Indonesia.” Besides developing automated payments confirmation system, Tokotalk also plans to build partnership with more courier services and integrate its service with marketplaces following the funding round.