Indonesia’s Bukalapak to announce new funding, Naver, Ant Financial likely new backers

Bukalapak co-founder and president Fajrin Rasyid.

Indonesian online marketplace Bukalapak is set to announce its latest funding round shortly.

Daily Social first reported the development, adding that South Korean messaging company LINE, a subsidiary of Naver Corp, is one of the participating investors.

A source familiar with the development told DEALSTREETASIA that Ant Financial, the financial arm of Chinese internet giant Alibaba, is also involved in the funding round.

When contacted, Bukalapak said it does not “confirm nor deny any of the stated matters” and added that the company will be issuing a press release soon.

An investment by Ant Financial will count as a follow-on funding from the China-based company, which currently holds a minority stake in Bukalapak.

The largest shareholder in Bukalapak is Indonesian media giant Emtek, which held a 36.86 per cent stake in the online marketplace as of September 30, 2018. Emtek and Alibaba are business allies too; the two companies jointly set up a payments platform last year, called DANA, which provides its services to Bukalapak.

Over the past couple of years, Bukalapak has introduced a number of different financial services, including loans, credit and insurance as well as mutual fund and gold investments. The company recently told DEALSTREETASIA that it was looking at launching new investment products and entering new verticals such as P2P lending and remittances.

Bukalapak has also started tapping into the offline market by partnering with over 300,000 local warungs (or traditional mom-and-pop stores), which act as an intermediary between Bukalapak and offline customers and charge a commission.

At a press conference held to commemorate its anniversary on Thursday, the company announced that it will allocate IDR 1 billion ($71,000) to develop its partner programme called Mitra Bukalapak or Bukalapak’s Partners.

The company last raised funding in late 2017, securing an undisclosed amount from investors including Singapore sovereign wealth fund GIC in a round that valued the company at over $1 billion.

Also Read:

Bukalapak eyes investment products, P2P lending to cash in on fintech opportunity

Bukalapak acquihires second-hand goods marketplace Prelo

HelloBike said to raise new round led by existing investor Ant Financial

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.