Visual: Bukalapak’s decade-long journey to IPO

Ever since its founding in 2010, Bukalapak has played runner-up to Tokopedia in Indonesia’s ecommerce race. But that has not stopped it from becoming a force to be reckoned with.

After joining the unicorn club in January 2018, the company doubled down on its venture into Indonesia’s burgeoning online-to-offline space with its Mitra Bukalapak service. That has since propelled the firm on its IPO journey on the Indonesia Stock Exchange, which will reportedly net Bukalapak US$1.5 billion.

Here, we dissect how its product offerings have evolved over the last decade or so.

Image credit: Timmy Loen

The company’s funding rounds and valuations over the years have been dwarfed by Tokopedia’s, but with the sheer size of Indonesia’s ecommerce industry, the company has attracted both local investors – including Emtek Group and BRI Ventures – as well as those from overseas like Microsoft and Singapore’s GIC.

The amount it is looking to raise in its upcoming IPO began with an initial target of only US$300 million. That number grew to US$800 million and eventually ballooned to US$1.5 billion.

Finally, the interactive timeline below tracks Bukalapak’s journey over the years – from attracting early funding to being one of the four original unicorns in Indonesia, alongside Gojek, Tokopedia, and Traveloka. Now, Bukalapak has become the first of that group to list its shares on the public markets.