Indonesian e-commerce unicorn Bukalapak raises $50M

Jon Russell | January 18, 2019

Indonesian e-commerce unicorn Bukalapak raises $50M
Chances are you may be familiar with Tokopedia, especially after it commanded a $7 billion valuation last November when it raised $1.1 billion from investors like Alibaba and SoftBank’s Vision Fund. But fewer people outside of Indonesia are aware of another sizable local online retail unicorn: Bukalapak. Smaller than Tokopedia in size, the company is valued at $1 billion — it became Indonesia’s fourth unicorn one year ago. The country, which is Southeast Asia’s largest economy and has a population of more than 260 million, also counts Tokopedia, Go-Jek, and Traveloka in the billion-dollar club. Founded in 2010, Bukalapak claims an impressive two million orders per day and 50 million registered users. On the seller side, it said its core e-commerce business covers products from four million SMEs, 500,000 kiosk vendors and 700,000 “independent” micro-businesses in Indonesia. Bukalapak means “open a stall” in Indonesia’s Bahasa language, and anyone can open a shopfront on the platform.

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