Software provider Microsoft and media group Emtek are set to take part in a $100m funding round for Indonesia-headquartered online marketplace Bukalapak, Bloomberg reported yesterday.
The round is also set to include Singaporean sovereign wealth fund GIC and will value the company between $2.5bn and $3bn, according to people familiar with the matter. It is in talks with prospective additional investors and aims to close the round at $200m, one of the sources said.
Bukalapak runs an e-commerce platform with about 100 million registered users and more than 12 million merchants. Microsoft confirmed it has invested in the company, through a partnership deal that will involve it making Microsoft Azure its cloud services provider.
Haris Izmee, president of Microsoft Indonesia, said in a statement: “Through this partnership, merchants and consumers will have a more efficient and reliable buying and selling experience.”
The company last raised money in October 2019 when it completed a series F round of undisclosed size featuring Emtek and Shinhan Financial Group’s Shinhan GIB subsidiary that reportedly valued it above $2.5bn.
The series F round almost certainly included the $50m invested by Mirae Asset-Naver Asia Growth Fund, a joint venture between internet group Naver and investment firm Mirae Asset Daewoo, nine months earlier.
Unnamed investors provided an undisclosed amount for Bukalapak in 2017 at a valuation topping $1bn, after media group Emtek had provided a reported $2.4m in series B funding through subsidiary Emtek KMK two years earlier.
Bukalapak had raised an undisclosed amount in 2014 through a series A round featuring Gree Ventures, the subsidiary of digital media company Gree since rebranded as Strive, as well as consumer price comparison service Aucfan and existing backer 500 Startups. Its investors also include financial services provider Ant Group, according to Bloomberg.
