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Deepti Sri · · 1 min readReport: Bukalapak nets $234m in a round co-led by Microsoft, Singapore’s GIC
“Indonesian ecommerce company Bukalapak raised US$234 million in capital in a funding round led by Microsoft, Singapore sovereign wealth fund GIC, and local media conglomerate Emtek,” Reuters reported, citing a sale document.
Details:
- Investors including SC Ventures, the investment arm of Standard Chartered, and South Korean web portal Naver Corp also participated in the financing round.
- The company has also reportedly hired Bank Mandiri’s securities arm Mandiri Sekuritas amid its plans to list itself in Indonesia before a potential merger with a special purpose acquisition company (SPAC) in the US.
Context:
- This development comes after Grab announced its plans to go public in the US through a deal with the special purpose acquisition company (SPAC) Altimeter Growth, the largest of its kind yet.
- It was also reported today that Gojek and Tokopedia are finalizing their US$18 billion merger deal, creating a combined business that will be called Goto.
Editing by Collin Furtado and September Grace Mahino
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