Bukalapak acquihires second-hand goods marketplace Prelo

Bukalapak co-founder and president Fajrin Rasyid.

Indonesian e-commerce startup Bukalapak has acquired the team at local second-hand goods marketplace Prelo.

“We see that Prelo has a huge market share, and also a high-quality team with a spirit of opening business opportunities for a lot of people and also has the same vision as Bukalapak,” Bukalapak chief strategy officer Teddy Oetomo said in a statement.

Based in the Indonesian city of Bandung, Prelo describes itself as an e-commerce platform for second-hand goods.

Bukalapak did not specify how many Prelo employees it is adding to its team. The company did confirm that Prelo’s founder Fransiska Hadiwidjana has joined Bukalapak as head of business.

Prelo’s website remained accessible at the time of publishing.

The move is Bukalapak’s first publicly known major acquisition of another company or its assets since its last funding round in late 2017 backed by Singapore sovereign wealth fund GIC and others that valued the company at over $1 billion.

In an interview with DEALSTREETASIA early this year, Bukalapak co-founder Muhamad Fajrin Rasyid had said that the company was looking into acquisition opportunities. In April it was reported that the company had set up a special merger and acquisition team to help it achieve its ambition of serving 10 million people by 2025.

The move comes at a time when Bukalapak, which counts Alibaba subsidiary Ant Financial as a minority investor, has aggressively been expanding into new business lines. Last month, it launched its e-wallet in collaboration with local fintech startup DANA.

Prior to that, the company said it had started implementing an O2O commerce business model, signing up mom-and-pop shop owners to become agents and help shoppers without internet access or those reluctant to make online purchases to order online products while paying in cash.

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.

Oetomo recently told Reuters that the company expects to achieve breakeven in three years’ time.

Also Read:

Indonesia’s Bukalapak eyes breakeven in 3 years, riding on new products & small town coverage

Indonesia’s newest unicorn Bukalapak taps local kiosks in top spot chase

Indonesia Digest: Grab launches new car services; Go-Jek rolls out voucher marketplace

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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.