Bukalapak co-founder and president Muhammad Fajrin Rasyid has stepped down from his role at one of the country’s unicorns and is joining Indonesia’s largest telecom operator Telekomunikasi Indonesia (Telkom) as digital business director, the company said in a statement.
Fajrin Rasyid is the third Bukalapak executive to step down from the firm following the steps of the other two co-founders Achmad Zaky (former CEO) who resigned in December last year and Nugroho Herucahyono (former CTO) who stepped down in April. His move marks the exit of all three co-founders of Bukalapak.
Fajrin Rasyid’s new appointment followed Telkom’s general shareholders’ meeting held on Friday, June 19. The 34-year-old Rasyid has become the youngest director at Telkom.
“Within 10 years with Bukalapak, we have inspired Indonesian youth to continuously dream big and work hard to make it a reality. Now is the time to make a greater contribution to the advancement of Indonesia and focus on developing Indonesia’s telecom industry, with Telkom. I hope my experience in developing a startup business as it is today, could contribute to the development of Telkom,” Fajrin Rasyid, the newly-appointed director, said in a statement.
“In the near future, we want to develop digital platforms and services, not just focusing on our connectivity business. Therefore, we needed to bring a person who has the competencies to realize those dreams and shareholders agreed to appoint Fajrin as digital director,” Telkom CEO Ririek Adriansyah said.
Prior to his career at Bukalapak, Rasyid served at Suitmedia, an Indonesian digital agency, for more than three years. He also worked for web developers at UN, and at management consulting firm Boston Consulting Group.
Ahmad Zaky and Nugroho Herucahyono founded Bukalapak in 2008 during their college years in Bandung, West Java. Rasyid joined the firm later in 2011.
Bukalapak co-founders and former executives Achmad Zaky and Nugroho Herucahyono have set up a VC fund, called Init 6, currently deploying funds from their personal pockets, to invest in seed and Series A-stage startups in Indonesia.
Bukalapak made headlines last year when it raised an undisclosed amount of funding in series F from South Korea’s Shinhan Group Indonesian media conglomerate Emtek, and an unnamed global institutional investor in early October. The company attained the unicorn tag after a fundraising round in late 2017.
Bukalapak claims to have over 92 million active users and caters to more than five million micro and small enterprises across the country. It currently serves over 2.5 million mom-and-pop shops and individual agents.