Factory worker's son William Tanuwijaya creates $7-bn startup in Indonesia

A cashed-up Tokopedia, which was founded in 2009, will present more formidable competition for its rivals

PT Tokopedia, Indonesia’s largest online marketplace, has become the country’s most valuable startup after raising $1 billion from existing investors including SoftBank, according to people familiar with the matter.

The e-commerce operator is valued at about $7 billion after the round, the people said, asking not to be identified as the details are private. That would top the valuations for startups in Indonesia, according to the research firm CB Insights. While it wasn’t clear if the backing comes from SoftBank Group Corp. or its Vision Fund, the Tokyo-based company transferred prior holdings in Tokopedia to the fund earlier this year.

William Tanuwijaya,