Emtek Group, the second largest media firm in Indonesia, has announced a series B investment in local online marketplace BukaLapak, though financial details were undisclosed. This follows its series A round, which BukaLapak raised in February 2014. Series A investors were price comparison site Aucfan, IREP, 500 Startups and GREE Ventures.
BukaLapak founder Achmad Zaky says these new round of funding will go towards talent acquisition, marketing to grow brand awareness and further customer acquisition. Sutanto Hartono, CEO of Emtek, confirmed that operational control remains with Zaky and the current management, while Emtek will maintain a minority stake.
Following this series B, Zaky aims to acquire more Indonesian SMEs as vendors on its marketplace, implying a possible step towards shift from being a consumer-to-consumer (C2C) marketplace to a business-to-consumer (B2C) platform.
Emtek’s purpose for acquiring a stake in BukaLapak is for the synergy gained from having its ‘as-seen-on-TV’ online shop, O Shop, becoming a merchant on BukaLapak’s marketplace. Emtek’s media assets may also serve to boost traffic to BukaLapak’s website.
According to Zaky, BukaLapak facilitated more than Rp 1 trillion (US$80 million) in transactions during 2014. The gadgets, fashion and hobby verticals recorded the greatest sales volumes, with BukaLapak’s merchants reaching 163,000 sellers at the beginning of 2015.