Indonesia-based e-commerce platform developer Bukalapak has received $234m in a funding round co-led by investors including media conglomerate Emtek and software provider Microsoft, Reuters reported today, citing a sale document.
Singaporean sovereign wealth fund GIC co-led the round with the corporates, investing with internet company Naver and SC Ventures, the corporate venturing arm of financial services group Standard Chartered. It had previously been reported by Bloomberg in November 2020 to be $100m in size.
The company intends to float in in its home country and has appointed investment bank Mandiri Sekuritas to organise an offering. It intends to then explore a reverse merger with a US-based special purpose acquisition company, people privy to the matter told Reuters.
Founded in 2010, Bukalapak operates an e-commerce marketplace with roughly 100 million users and more than 12 million sellers, giving small merchants and brick-and-mortar a platform where they can sell their goods online.
The company said it was valued at more than $2.5bn when it closed a series F round in late 2019 backed by Emtek and banking firm Shinhan Financial Group’s Shinhan GIB unit that likely included the $50m supplied by Mirae Asset-Naver Asia Growth Fund, a vehicle for Naver and investment group Mirae Asset Daewoo, earlier in the year.
Bukalapak had received a similarly undisclosed sum from unspecified investors in 2017 at $1bn post-money valuation, two years after it secured $2.4m in a series B round featuring Emtek subsidiary Emtek KMK.
Strive, the corporate venturing fund of digital media group Gree then called Gree Ventures, had taken part in a 2014 series A round of undisclosed size for the company alongside e-commerce price comparison platform Aucfan and returning backer 500 Startups. Financial services provider Ant Group is also among its shareholders.
