Indonesian e-commerce honcho Bukalapak raised US $ 234 million in a new funding round led by Microsoft, Singapore’s sovereign wealth fund GIC and local media giant Emtek, report Reuters.
Other investors participating in the big round include SC Ventures (the investment arm of Standard Chartered) and South Korean web portal Naver.
Separately, BRI Ventures said in a press release that it has also made a strategic investment in e-commerce unicorns. This partnership allows BRI Ventures’s parent company, Bank BRI, to offer its digital banking and loan products to merchants and customers on the Bukalapak platform.
The report states, citing sources, that Bukalapak is planning to list in Indonesia and has asked Mandiri Bank’s securities branch Mandiri Sekuritas for assistance in this process.
If local listing comes to fruition, the e-commerce giant will then seek to merge with a special purpose acquisition (SPAC) company in the United States.
The latest funding round comes six months after the report was released stated Bukalapak raised a $ 100 million funding round that at the time included Microsoft, GIC and Emtek.
Launched in 2010, Bukalapak, last valued at US $ 2.5 billion in 2019, claims they have more than 100 million users on their platform.
In recent years, Bukalapak has moved beyond the original electronic market model and into the fintech and digital services sector. Through the O2O Mitra Bukalapak platform, it claims to have reached more than 13.5 million MSMEs and more than 100 million users across the archipelago.
In 2019, they launched their B2B e-shopping business through BukaPengadaan Indonesia. It also implements its signature platform to buy and sell mutual funds (BukaReksa).
The company recently partnered with Standard Chartered to launch “innovative services” as part of its push to digital banking.
The 9-figure funding round comes amid growing interest in the Southeast Asian tech sector with many tech startups looking for public listing.
Yesterday, the Grab super app in the region announced it was merged with the SPAC Altimeter Growth Corp in the world’s largest SPAC deal.
Its e-commerce rival Tokopedia is in conversation with the ride-hailing giant gojek in a merger that will see the US $ 18 billion combined entity chase a dual list on Indonesian and US exchanges.
Meanwhile, Indonesian travel giant Traveloka is staying discuss with SPAC Bridgetown Holdings backed by Peter Thiel, in a potentially $ 5 billion deal.
Photo credit: Bukalapak
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