Emtek financial report has clues on Bukalapak valuation

Bukalapak CEO Achmad Zaky

Indonesian ecommerce marketplace Bukalapak has raised venture capital on several occasions – the most recent one was its series B in February 2015. But it never disclosed the size of its rounds.

Thanks to a 2015 financial report released by one of Bukalapak’s key investors, Emtek Group, we now know more (hat tip to Labana for digging it up).

Funding timeline

According to the report, Emtek began investing in the ecommerce company in 2014. That diverges from Bukalapak’s narrative, which, at the time, only mentioned 500 Startups, IREP, Aucfan, and GREE Ventures as investors.

The report further reveals that the Indonesian media conglomerate bought into the startup through its subsidiary KMK on several occasions, now owning 49 percent of shares.

This timeline emerges:

KMK first acquired 459,200 shares or a 19.68 percent stake in Bukalapak in November 2014 for roughly US$2.2 million, the report says. Those shares were bought from Kreasi Online Indonesia, which is popularly known as Suitmedia, a software development and digital marketing firm. It appears to be the company that created some of Bukalapak’s tech.

Emtek now owns 49 percent of shares in Bukalapak.

In January 2015, KMK increased its stake in Bukalapak. It acquired 948,121 in new shares, which raised its ownership in the startup to 42.7 percent. According to the report, it paid the equivalent of about US$9.3 million for the additional stake.

Later that year in August, KMK acquired 351,959 more shares. After the purchase, its ownership in Bukalapak increased to 49 percent, the report says. It does not state how much it shelled out for the extra 6.3 percent.

Lastly, the report notes that in November 2015, “KMK has entered into an agreement with [Bukalapak] to subscribe for additional paid-in capital amounting to US$20 million […]. On November 13, 2015, KMK deposited an additional advance for paid-in capital to [Bukalapak] amounting to Rp50,000,000 (US$3,751), and the paid-in capital was fully paid in January 2016.”

Valuation game

Based on this information, you could do a simple back-of-napkin calculation to arrive at an estimated company valuation.

Emtek’s first investment in 2014, for example, would peg Bukalapak’s valuation at somewhere above US$11 million at the time.

But in reality, company valuations are a complex issue, and may not be as simple as deducing the company’s worth by calculating who got what percentage of shares for how much from one set of figures.