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Indonesia’s Bukalapak Raises Funding From Standard Chartered for Expansion

  • Naver is among investors said to be close to joining funding
  • Indonesian online bazaar Bukalapak has 13.5 million sellers

Indonesia’s Bukalapak.com has landed funding from Standard Chartered Plc as it makes progress toward raising $200 million to finance its expansion in the country, according to people familiar with the matter.

Naver Corp. and Mirae Asset-Naver Asia Growth Fund, both existing investors, are also close to signing an agreement for additional funding, according to one of the people, who asked not to be named because the matter is private. Bukalapak has pulled in $100 million from Microsoft Corp., GIC Pte and PT Elang Mahkota Teknologi as part of the ongoing round, Bloomberg News reported in November.