Bukalapak banks funding from Indonesia’s BRI Ventures

Indonesia-based ecommerce firm Bukalapak announced it has raised an undisclosed sum in additional capital from BRI Ventures.

More funding details

• Investor:  BRI Ventures, the venture capital arm of Indonesia’s state-owned Bank Rakyat Indonesia (BRI) Group.

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• Bukalapak will use the funds raised to increase its user base of micro and small businesses across Indonesia.
• Under the partnership, Bank BRI will be able to offer its digital banking and lending products to merchants and customers on the ecommerce platform.
• Bukalapak claims that its online-to-offline platform, Mitra Bukalapak, has onboarded over 13.5 million micro, small, and medium-sized enterprises and has more than 100 million users.
• BRI Group will bring new products to Bukalapak, including digital lending and savings offerings for business owners, as well as fresh capital from its VC arm.
• This development comes just after the ecommerce company reportedly raised US$234 million in a round led by Microsoft and Singapore’s sovereign wealth fund GIC.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.