Bukalapak Pockets New Funding of 706 Billion Rupiah from Mirae Asset and Naver Corp

After it was widely reported that it would receive funding from Naver Corp, Bukalapak finally announced that it had immediately pocketed funds from the Asia Growth Fund initiated by Mirae Asset and Naver Corp.

Bukalapak did not mention how much funds were disbursed through the Fund, but Mirae Asset mention the funds disbursed reached $50 million or equivalent to Rp.706 billion.

As one of the four unicorns currently owned by Indonesia, Bukalapak is said to be supported by EMTEK, GIC, and Ant Financial (the manager of Alipay) as major shareholders. With this new investor, Bukalapak plans to continue to innovate and help Indonesian SMEs advance their business.

"We welcome support from Mirae Asset-Naver Asia Growth Fund to businesses Bukalapak. We hope that with the support of this partnership, we can accelerate our steps to innovate through technology to encourage small businesses in Indonesia to move up the ranks," said Bukalapak Co-Founder and President Fajrin Rasyid.

In its official statement, it was explained that Bukalapak experienced a significant increase in 2018. In the 4th quarter of 2018 their total transaction revenue exceeded what they achieved for one year in the 2017 period.

Meanwhile, Mirae Asset said that the investment they provided was a form of cooperation between financial companies and developing technology companies. They are also committed to continuing to support Bukalapak to continue to grow.

"This investment is a form of co-investment fund cooperation between a financial company and a technology company that is developing very rapidly in Southeast Asia which has strong characteristics. Through a strategic collaboration program we will support Bukalapak so that it can continue to grow," said the Head of New Growth Investment Mirae Asset Capital Jikwang Chung.

Mirae Asset-Naver Asia Growth Fund plans to continue investing in high-growth companies, continue to innovate and deliver long-term growth. Industries that are monitored include e-commerce, internet platforms, health, distribution, consumer goods, and logistics.