Advertisement
E-commerce
BusinessBanking & Finance

Indonesian e-commerce unicorn Bukalapak files to go public in Jakarta

  • The start-up competes with Indonesia’s Tokopedia and Singapore’s Shopee in Indonesia
  • Backers include China’s Ant Group, Singapore’s GIC and Indonesia’s Emtek

Reading Time:2 minutes
Why you can trust SCMP
The Jakarta-based e-commerce company competes with Sea and Tokopedia. Photo: Handout
Alison Tudor-AckroydandChad Bray
Indonesian unicorn Bukalapak has filed confidentially for an initial public offering (IPO) in Jakarta, making it one of the first large technology start-ups to go public in the world’s fourth-most populous country, according to a person familiar with the matter.
Advertisement
The Jakarta-based e-commerce player is looking to capitalise on the digitisation of Indonesia’s economy during the coronavirus pandemic. Shoppers and merchants in Indonesia flocked to high-traffic digital platforms, allowing them to keep business going even during lockdowns.

Bukalapak and crosstown rival Tokopedia have been wrestling with Shopee, the e-commerce arm of Singapore technology group Sea, for market share. Sea made its debut on the New York Stock Exchange in October 2017 and continues to tap investors for capital.

Founded in 2010, Bukalapak counts among its backers China financial-technology giant Ant Group, Swiss bank UBS, Singaporean state fund GIC and Jakarta-headquartered media conglomerate Emtek. The firm has raised about US$784 million of equity over 12 funding rounds, according to data provider Crunchbase.
Muhammad Fajrin Rasyid (centre), co-founder of Bukalapak looking to list the start-up in Jakarta. Photo: K.Y. Cheng
Muhammad Fajrin Rasyid (centre), co-founder of Bukalapak looking to list the start-up in Jakarta. Photo: K.Y. Cheng
Advertisement

“We are continually looking at financing and growth opportunities for the company, however no decisions have been made at this time,” a Bukalapak spokesperson said when contacted about the IPO filing. “Our ongoing focus is to find the right strategy in order to become a sustainable company and create value for our partners and users in the long run.”

Shoppers in Jakarta, one of the Asia’s most congested cities, are flocking to e-commerce websites rather than brave the clogged streets around shopping malls.

Advertisement