Indonesia-based e-commerce marketplace Bukalapak has closed a series F round after raising an undisclosed amount from investors including financial services firm Shinhan Financial Group and media conglomerate Emtek, Reuters reported on Friday.
Shinhan contributed to the latest tranche through its Shinhan GIB subsidiary. It valued Bukalapak at more than $2.5bn and may incorporate $50m invested in January 2019 by Mirae Asset-Naver Asia Growth Fund, a partnership between internet company Naver and investment firm Mirae Asset Daewoo.
Founded in 2010, Bukalapak operates an online marketplace for third-party merchants that principally targets sellers specialising in discounts and bulk quantities of second-hand items. It has also expanded into a range of finance-oriented activities including gold and mutual fund trading.
The series F funding will aid Bukalapak as it looks to entrench its foothold in an Indonesian e-commerce space expected to thrive because of rising middle-class incomes and smartphone usage.
The company plans to bring additional product categories online and extend its reach in smaller Indonesian towns in a bid to become cash-sustaining within the next three years.
Bukalapak secured an undisclosed sum in 2017 from unnamed investors at a valuation of more than $1bn, after media group Emtek had supplied an amount of series B funding in 2014 reported by Labana to be $2.4m, through its Emtek KMK unit.
Price data aggregator Aucfan and Gree Ventures, a subsidiary of social media company Gree, had joined venture capital firm 500 Startups for a series A round of undisclosed size for the company earlier the same year.