Bukalapak Confirms Full Acquisition of Startup Edtech Bolu 14,3 Billion Rupiah

Bukalapak confirm acquisition of startup EdTech Bolu (PT Learning to Grow Sharing) worth $1 million (more than 14,3 billion Rupiah). Bukalapak has fully acquired 11.340 shares through PT Kolaborasi Kreasi Investa (KKI) and PT Bina Unggul Kencana (BUK), and has been completed since January 11, 2022.

The confirmation was conveyed in the disclosure of information on the Indonesia Stock Exchange (IDX), as well as clarifying the nature of the acquisition nominal not $1 billion but $1 million.

"We intend to clarify that the share sale and purchase transactions made and by the selling shareholders of PT Learning Grow Sharing, PT Kolaborasi Kreasi Investa (KKI), and PT Bina Unggul Kencana (BUK) that occurred on November 4, 2021 were related to the purchase of 100% The 11.340 shares of PT Learning Grow Sharing are worth USD1,000,000 (One Million Dollars) not USD1,000,000,000 (One Billion Dollars)," said Bukalapak's Corporate Secretary Perdana A. Saputro.

Perdana continued, "The information on the sale and purchase value of the shares is listed in the Addendum to the Conditional Share Sale and Purchase Agreement signed by the selling shareholders of PT Learning to Grow Sharing, PT Learning to Grow Sharing, KKI and BUK on January 11, 2022. This information will be uploaded later. continued in the Q4 2021 Financial Report.”

As a result of this acquisition, Bolu's operational office is now located not only in the Cengkareng area, West Jakarta, but also in Bukalapak's head office which is located at the Metropolitan Tower Building, Cilandak.

Bukalapak's road penetrates EdTech

Bolu which stands for Learn Online Yuk, is a startup EdTech which has been established since 2018 by Sandi Pratama and Deka Adrai. Bolu focuses as a community and a place to learn online for home business development. The hope is that online sellers can learn from each other and share experiences so that they can continue to develop and transform digitally.

When viewed, this spirit is in line with Bukalapak's focus on making the MSME sector, through Bukalapak Partners, its main business motor. At the end of June 2021, the number of registered Partners reached 8,7 million, up from 6,9 million at the end of December 2020.

Mitra Bukalapak's revenue in the second quarter of 2021 grew 292% to Rp145 billion. Meanwhile, revenue in the first semester of 2021 rose 350% to Rp290 billion. Mitra Bukalapak's contribution to the company's revenue increased from 12% in the second quarter of 2020 to 33% in the same quarter the following year.

Other startups acquired by Bukalapak

Besides Bolu, Bukalapak has announced a series of acquisitions. Based on the company's financial statements, the following is a list of completed acquisitions:

1. PT Onstock Solusi Indonesia

Bukalapak affiliates PT Kolaborasi Kreasi Investa (KKI) and PT Bina Unggul Kencana (BUK) signed a share sale and purchase agreement with PT Onstock Solusi Indonesia (OSI) on September 2, 2021. Bukalapak bought 400 thousand shares or the equivalent of 100% ownership of OSI for Rp1,45 .XNUMX billion. OSI is a SaaS startup that focuses on developing cloud-based stock management systems to help MSMEs do business more neatly and completely automatically.

2. PT Ayo Tech Indonesia

KKI signed a share purchase agreement with PT Ayo Tech Indonesia (ATI) on August 12, 2021. Bukalapak controls 51% ownership shares or 30.600 shares worth Rp8,16 billion. ATI is engaged in trading and services business in Indonesia.

3. PT Kokatto Technology Global

KKI and BUK acquired PT Kokatto Teknologi Global (KTG) on November 2, 2021 for IDR 90,09 billion. Bukalapak controls 100% of the ownership shares or a total of 1.298 shares. However, the acquisition process is carried out in stages, until no later than October 15, 2023. Kokatto is a provider of automated call technology that is fast and effective in conveying business messages. This startup is led by Arsyah Rasyid.

4. Five Jack Co. Ltd

Five Jack Co. Ltd (FJ) was acquired by Bukalapak on April 30, 2021 through the issuance of new shares by FJ to FJ shareholders with a total share of 40.909 Series G shares. FJ is a South Korean company that has a subsidiary in Indonesia, PT Five Jack (itemku). The aim of this acquisition is to expand the e-commerce business not limited to the game sector. As of September 30, 2021, Bukalapak owns 82.815 FJ shares or the equivalent of 100%.

5. PT Cloud Hosting Indonesia

Bukalapak acquired PT Cloud Hosting Indonesia for IDR 49,7 billion through the transfer of fixed assets of information technology infrastructure worth IDR 53,3 billion. With this acquisition, Bukalapak obtained 486.531 shares of Cloud Hosting or the equivalent of 13.35%.