According to a joint study by Google, Temasek Holdings and Bain & Co., e-commerce in Indonesia is projected to expand from $21 billion in 2019 to $82 billion by 2025.
Sunday 06, October 2019
Bukalapak.com has secured capital from investors including Indonesian media giant Emtek and South Korea’s Shinhan Financial Group Company, a round of funding that valued the online marketplace at more than $2.5 billion, reported Bloomberg.
The Jakarta-based start-up, which last month said it would cut around 10 per cent of its workforce to focus on profitability, announced the transaction but would not provide more details.
Bukalapak, backed by China’s Ant Financial and Singaporean sovereign wealth fund GIC, was previously valued at about $2 billion.
Teddy Oetomo, Bukalapak’s Chief Strategy Officer, said, “We have been making a lot of changes internally since early this year, we want to strike the right balance among our growth, long-term sustainability and positive impact for Indonesia.”
Indonesia, the largest economy in Southeast Asia, has turned into a hotly contested market for e-commerce. Bukalapak was the country’s most popular shopping app after Tokopedia and Shopee in terms of monthly active users in 2019’s second quarter.
Founded in 2010, Bukalapak is majority Indonesian-owned, has more than 70 million active users, over four million sellers and two million mom-and-pop kiosks across Indonesia.