Indonesian retail firm Matahari Department Stores (MDS) has upped its stake in local e-commerce firm MatahariMall.com, after the Multipolar–owned firm invested an additional $16 million for a 16% stake in the start-up.
According to DealStreet Asia, MDS has already invested a total of $41.8 million in MatahariMall.com and is planning to invest an additional $16 million (Rp 212.5 billion) by the end of the year as part of its Rp 590 billion plan, taking its stake to around 18% in the e-commerce entity.
MDS previously revealed plans to invest around $44.2 million (Rp 590 billion) from December 2016 till end of this year in MatahariMall.com.
The MatariMall.com is comprised of the recently launched MatariStore.com, the jewel in the retailer’s crown that MDS wants to polish.
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Launched in 2016, MatariStore.com recorded 67,000 transactions in the first quarter 2017 and 130,000 transactions in the second quarter, according to company sources.
MDS first purchased a 10% stake in MatahariMall.com for Rp180 billion ($13.5 million) in January 2016. The firm then increased its stake to 12% one year later with Rp165 billion ($12.3 million) and went on to increase its hold to 16% by investing additional Rp212.5 billion ($15.9 million) in May 2017.
MDS counts 156 stores across 71 cities in Indonesia.