The probabilities are you could be acquainted with Tokopedia, particularly after it commanded a $7 billion valuation final November when it raised $1.1 billion from traders like Alibaba and SoftBank’s Imaginative and prescient Fund, however fewer individuals outdoors of Indonesia are conscious of one other sizable native on-line retail unicorn: Bukalapak.
Smaller than Tokopedia in dimension, the corporate is valued at $1 billion — it turned Indonesia’s fourth unicorn one yr in the past. The nation, which is Southeast Asia’s largest economic system and has a inhabitants of over 260 million, additionally counts Tokopedia, Go-Jek and Traveloka within the billion-dollar membership.
Based in 2010, Bukalapak claims a formidable two million orders per day and 50 million registered customers. On the vendor facet, it stated its core e-commerce enterprise covers merchandise from 4 million SMEs, 500,00zero kiosk distributors and 700,00zero ‘impartial’ micro-businesses in Indonesia. Bukalapak means ‘open a stall’ in Indonesia’s Bahasa language, and anybody can open a shopfront on the platform.
This week, Bukalapak landed one other notable funding milestone after it raised $50 million Collection D spherical from the Mirae Asset-Naver Asia Progress Fund, a joint automobile operated by Korean mutual fund Mirae Asset and Naver, the agency whose companies embody common messaging service Line. That is the primary time Bukalapak has disclosed the scale of an funding in its enterprise, though it didn’t give an up to date valuation. The startup counts Alibaba’s Ant Monetary, Indonesia telco Emtek, Sequoia India and Singaporean sovereign fund GIC amongst its current backers.
Bukalapak stated it plans to make use of its new funds to develop alternatives for its SME retail companions and construct out its tech platform, that’s prone to imply digital providers reminiscent of insurance coverage and a cellular pockets.
The corporate made a significant push final yr to associate with native ‘warung’ kiosk retailer retailers — who promote objects very similar to road distributors — in a bit to distinguish itself from Tokopedia, which is very similar to Alibaba’s Taobao service for Indonesia, and develop an providing for shoppers.
Past its e-commerce market, Bukalapak additionally affords streaming and fintech merchandise.