Bukalapak bags US$234 Million in a Fresh Funding Round

Indonesia: Indonesian e-commerce honcho Bukalapak has raised US$234 million in a fresh funding round led by Microsoft, Singapore sovereign wealth fund GIC, and local media giant Emtek.

Other investors joining the mega-round include SC Ventures (the investment arm of Standard Chartered) and Korean web portal Naver.

Separately, BRI Ventures said in a press release that it has also made a strategic investment into the e-commerce unicorn. This partnership enables BRI Ventures’s parent, Bank BRI, to offer its digital banking and lending products to merchants and customers on the Bukalapak platform.

The report stated, citing sources, Bukalapak is planning to list in Indonesia and has engaged Bank Mandiri’s securities arm Mandiri Sekuritas to assist in the process.

Should the local listing materialize, the e-commerce giant will then look to merge with a special purpose acquisition company (SPAC) in the United States.

The latest funding round comes six months after reports stated Bukalapak was raising a US$100 million funding round, which at the time had already included Microsoft, GIC, and Emtek.

Launched in 2010, Bukalapak, which was last valued at US$2.5 billion in 2019, claims it has over 100 million users on its platform.