Announces Series F Funding, Bukalapak's Valuation is Now Worth 35 Trillion Rupiah

Today (04/10) Shinhan GIB announced its involvement in the funding of the series F Bukapalak. The release sent did not mention the participation value of the South Korean banking corporation. However, it was conveyed that by the close of this round, Bukalapak's valuation had reached more than $2,5 billion (equivalent to 35 trillion Rupiah). The previous investor, namely Emtek, is said to have been involved in the funding.

This valuation achievement is quite interesting to discuss, especially when compared to colleagues unicorn other local. Call it Ovo, app developer e-wallet is reported to have reached the status unicorn with valuation reached $2,9 billion. Meanwhile, its closest rival, Tokopedia, has already reached a valuation of $7 billion after its acquisition at the end of 2018 from Alibaba and Softbank.

Bukalapak will use the new investment to implement its long-term business plans and strategies for financial inclusion and retail business transformation in Indonesia. This news is also a breath of fresh air from the company led by Achmad Zaky, after being hit by several news including the issue of downsizing employees.

The company also said that currently Bukalapak's services have been used by more than 70 million users. In it there are more than 4 million pelapak and 2 million stall partners/agents from various regions in Indonesia.