Indonesian e-commerce platform JD.id has confirmed to Daily Social that its company is now valued at more than USD 1 billion, making it the newest name in the country’s unicorn list. The country now has six unicorn companies, where three of them are in the e-commerce sector.
JD.id, a joint venture of Chinese e-commerce giant JD.com and Indonesian ride-hailing company Gojek, did not disclose the exact amount of valuation nor how much it had raised from investors. However, Gojek had reportedly invested hundreds of millions of dollars in the e-commerce player last year. The deal would have raised JD.id‘s valuation to more than USD 1 billion.
JD.id started operations in Indonesia in November 2015 and now provides delivery services for products ordered at its site to 365 cities across Indonesia. The joint venture e-commerce site is majority owned by JD.com while the rest is owned by Provident Capital, a regional investment firm affiliated with an Indonesian conglomerate. The Daily Social report said Gojek is likely to get into JD.id as its second-largest shareholder by acquiring some of Provident Capital’s stake.
According to a report by e-Conomy SEA, the e-commerce market in Indonesia reached USD 21 billion in 2019, and will continue growing to USD 82 billion in 2025. However, the competition for digital marketplace players in the country will not be easy. JD.id has to face other unicorns such as Tokopedia and Bukalapak, and other players such as Shopee and Lazada.