Indonesia’s Bukalapak raises funding from Standard Chartered for expansion

Photo: Bukalapak

Indonesia’s Bukalapak.com has landed funding from Standard Chartered Plc as it makes progress toward raising $200 million to finance its expansion in the country, according to people familiar with the matter.

Naver Corp. and Mirae Asset-Naver Asia Growth Fund, both existing investors, are also close to signing an agreement for additional funding, according to one of the people, who asked not to be named because the matter is private. Bukalapak has pulled in $100 million from Microsoft Corp., GIC Pte and PT Elang Mahkota Teknologi as part of the ongoing round, Bloomberg News reported in November.

Representatives of Standard Chartered, Bukalapak, Naver and Mirae Asset-Naver Asia Growth Fund declined to comment.

Standard Chartered and Bukalapak said on Thursday they formed a strategic partnership to collaborate on digital banking. The online marketplace, which competes with rivals such as Shopee, Tokopedia and Lazada, has about 100 million users and 13.5 million sellers in Indonesia. It is valued at $3.5 billion, according to CB Insights.

The coronavirus pandemic has boosted demand for e-commerce in the world’s fourth most-populous country, where the median age is 30 years. Lockdowns prompted many consumers to try mobile shopping for the first time, and Bukalapak said its transaction volumes more than doubled in 2020 from a year earlier.

There has been a flurry of deals among Southeast Asia’s biggest internet companies in recent weeks.

Singapore’s Sea Ltd., the region’s most valuable company, acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, Bloomberg News reported this week. Gojek, Indonesia’s most valuable startup, has amassed a 22.16% stake in PT Bank Jago, while Grab Financial Group, the financial services unit of Grab Holdings Inc., raised $300 million, led by Hanwha Asset Management Co.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.