Indonesia Online Mall Valued at $2.5 Billion After Landing Investment
- Korea’s Shinhan GIB, Emtek invested an undisclosed amount
- Existing investors including Emtek and GIC joined the round
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PT Bukalapak.com raised capital from investors including Indonesian media giant Emtek and South Korea’s Shinhan Financial Group Co., a round of funding that valued the online marketplace at more than $2.5 billion.
The Jakarta-based startup, which last month said it would cut about 10% of its workforce to focus on profitability, announced the transaction but wouldn’t provide more details. Bukalapak, backed by China’s Ant Financial and Singaporean sovereign wealth fund GIC Pte, was previously valued at about $2 billion, according to a person familiar with the company’s accounts. GIC joined this funding round, said the person, who asked not to be named because the matter is private.